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论文编号：	929
作者编号：	2120072013
上传时间：	2009/5/24 21:03:37
中文题目：	中国上市公司配股绩效实证研究
英文题目：	An Empirical Study of Rights I
指导老师：	刘建
中文关键字：	配股 公司绩效 因子分析法tl
英文关键字：	Right Issues Corporate Perfor
中文摘要：	摘要 配股融资已经被投资者、上市公司和市场广泛接受，是中国上市公司进行股权再融资的重要方式之一。在配股后公司绩效变化这一问题上，部分学者认为公司配股后很快亏损，出现所谓“富不过三年”的现象，而另外一些学者则认为配股对公司绩效影响并不确定。中外学者对配股绩效研究存在较大分歧，因而本论文选取我国上市公司配股绩效与影响因素作为研究内容。 论文首先对配股绩效相关理论进行综述，并在此基础上对国内外学者的相关研究状况进行了梳理；然后，在文献综述的基础上，结合中国上市公司的实际情况对上市公司配股绩效进行定性分析，并根据分析结果提出假设；其次，通过对上市公司配股后较长一段时间的实证分析，来研究配股行为对上市公司绩效的影响；最后，本论文研究上市公司配股绩效的影响因素，最终得出研究结论并提出相关建议。 本论文采用实证的研究方法对中国上市公司配股绩效与其影响因素进行研究。在实证分析中，以1997-2004年中国沪深两市A股发生配股的公司为研究样本，研究企业配股前一年、配股当年、配股后三年间的绩效变化。通过净资产收益率、净资产增长率、流动比率等多个财务指标，运用因子分析法研究上市公司配股前后绩效变化情况。实证结果表明，配股当年与配股后第一年绩效比前一年有所下降。配股后第二年绩效提升，第三年又再次下滑。这反映了配股行为不能够支持公司长期绩效的增长。本文创新性地选择两个不同行业的样本进行研究，分析消除行业差异后配股对公司绩效的影响，发现发生配股行为的公司绩效从长期看显著低于同期没有发生配股行为的企业。除此之外，本论文研究发现企业配股次数、配股前盈余管理行为、企业第一大股东持股比例、配股资金用途是否变更等因素对配股绩效均有不同程度影响。 虽然本论文存在着研究年限较短等不足之处，受到当前上市公司信息披露状况的限制，但本文的研究结果对规范企业配股资金使用、完善配股法制等均有一定的理论和实践意义。 关键词：配股 公司绩效 因子分析法
英文摘要：	Abstract Right issue has been widely accepted by the investors, listed companies and market, and it is one of most important ways of refinancing in the market. On the problem of changes in the corporate performance after right issuing, some scholars believe that the companies will loss soon, while some scholars believe that the influence of right issuing on company's performance is uncertain. Domestic and foreign scholars in this field have not come to a general recognition. Therefore, this paper focuses on the performance of right issuing and its influencing factors of listed companies in China. Firstly the paper reviews the theory about right issuing performance, and then analyzes the relative research of performance of right issue. Secondly, based on the result of qualitative analysis and the actual situation of Chinese listed companies, the paper puts forward hypothesis. Thirdly, the paper uses a sample of listed companies in the A stock market with factor analysis and multiple linear regression analysis model to figure out how right issuing affect companies’ long-run performance. At last the paper researches the influencing factors of right issuing performance. The paper uses empirical research method to research the performance of right issue and influencing factors of the listed companies in China. We use the sample data from 1997-2004, and research the performance of the corporations one year before right issuing, also one to three years after right issuing. According to 8 finance index, such as ROE and liquidity ratio and so on, we analyze the long-run performance of right issuing of listed company. Empirical results show that compared to one year before, performance has decreased in right issuing year and the first year after right issuing, and in the second year after right issuing performance is rising, while it decreases again in the third year. This reflects the rights issuing negatively affects companies’ long-run performance. By choosing samples of two different industries, the paper finds that long-run corporate performance with the occurrence of rights issuing is significantly lower than the ones without the occurrence of rights issuing. What is more, the paper shows that some factors, such as number of right issuing and so on have significant influence on the corporate performance. Although this paper’s research period is short, and it is restricted by the corporate information disclosure of listed companies, the findings of this paper has theoretical and practical significance of how to regulate the use of corporate funds of right issuing, and improve the rule of law. Key words: Right Issues Corporate Performance Factor Analysis
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