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论文编号：	2640
作者编号：	2120082092
上传时间：	2010/6/18 2:15:12
中文题目：	上市公司再融资行为分析——基于投资银行角度
英文题目：	Refinancing Analysis of Listed Companies——Investment Bank Perspective
指导老师：	宗先臻
中文关键字：	再融资业务机会,融资规模,再融资,择机选择
英文关键字：	refinancing, the chance of refinancing, the size of refinancing, the phenomenon of choosing time of refinancing
中文摘要：	现代社会，企业打造资本强势和规模扩张是其谋求生存和成长的必要条件。为了打造资本强势并支持企业的成长，仅仅依靠公司的内部自我积累已远远不能满足其需要，是否可以源源不断的从外部取得资金是企业发展壮大的重要因素。在我国，现阶段企业的融资的方式主要包括内部积累融资、外部债权融资和股权融资，而已经在证券市场上市的公司，可以再次选择进入资本市场选择再融资。我国A股上市公司现行的再融资方式有增发、配股、可转债、分离交易可转债和公司债等。一般情况下，上市公司再融资所募集到的外部资金只是作为本金，然而它能够带来的投资需求可能是募集资金的好几倍。所以，上市公司再融资行为发挥的作用不容小视，不论是从理论还是实证的角度对我国上市公司的再融资行为进行探索和研究，都有现实意义。 本文从投资银行的角度出发对上市公司的再融资行为进行研究分析，以期帮助投资银行快速准确的判别出可能的再融资业务机会及其相应的可能的融资规模。同时，本文从整体市场的角度对上市公司的再融资择机选择现象进行了探索。通过实证分析，我们得到下面几个结论：第一，本文根据我国A股上市公司2007年到2009年相关数据为样本，对可能影响到上市公司再融资决策的因素进行实证研究，最终结果显示：“规模较大但盈利较少”的A股上市公司更倾向于进行再融资来获取外部资金。此外，市场行情、资本结构、企业现金充足率以及企业的经营效率也对企业的再融资决策起到一定得影响；第二，在“市场择机选择”理论的基础上，本文试图从整个A股市场层面的角度来研究各种方式的再融资市场是否存在择机选择的异象，笔者利用A股上市公司中已经进行再融资的企业的相关数据以及市场行情建立相关系数矩阵和回归模型，实证研究结果发现：在市场层面上，增发和配股行为与市场行情显著正相关，一方面验证了我国证券市场中存在增发和配股的择机选择行为，另一方面，该结论也说明投资银行可以通过证券市场的股价表现来判断在整体市场层面上上市公司增发和配股的业务机会；第三，本文还根据A股上市公司中进行再融资的企业的相关数据样本建立了多元回归模型，结果显示，在显著性为0.05的水平下，融资总额与营业收入，净利润， 净资产收益率，应付债券，总资产增长率，长期借款，税后利润增长率之间有线性关系。也就是说，法律政策、企业的成长性、盈利能力和规模等因素影响了企业的再融资规模，而市场行情和企业的资本结构与上市公司融资规模无显著关系。
英文摘要：	Enterprises’ expanding is a very essential part for business to survive and expand. With the expansion of the corporation, only relying on the self-accumulation of the company has not been able to meet its needs. Therefore, external funding is a key factor for the business development and growth. The methods of financing include internal financing, debt financing and equity financing. As for the listed companies, they can choose to re-enter the capital market to refinance. Chinese listed companies can refinance by the way of issuing additional share, convertible bonds and corporate bonds. Although the refinancing is only the principal for the enterprise, it brings as much as 3 times investment demand. Therefore, re-financing can not be overlooked. From theory and empirical point of view, the research of refinancing is of great significance. Refinancing will affect the interests of many market participants, such as the listed company itself, the relevant regulators and investors. Studies home and abroad all consider the refinancing from the view of the listed companies, investors or regulators, they have overlooked an important market participant - investment bank. From the perspective of the investment bank, refinancing is its business opportunities. Therefore, this article will explore the refinance from the investment bank's point of view in order to help them quickly and accurately determine a possible refinancing business opportunities and the possible size. At the same time, this article will study the phenomenon of companies’ choosing the time of refinancing. To address the above problems, this article is divided into seven parts as follows: The first chapter describes the significance of this research, the basic concepts, research ideas and research structure; the second chapter is a literature review; the third chapter summarize the refinancing of listed companies of China; the fourth, fifth, sixth chapter are the main part of this article, of which the fourth chapter attempts to establish discriminant model to identify the refinancing opportunities; Chapter five use the regression test to verify the existence of companies’ choosing the time to refinance; chapter six set up a model to estimate the possible refinancing size; under Chapter seven make a conclusion of this article, including the research findings, the innovations, shortcomings of this article and possible improvement.
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