浙江省上市公司股权再融资绩效研究毕业论文.doc

毕业论文 （20_ _届） 浙江省上市公司股权再融资绩效研究 摘 要 现代公司金融理论认为公司经营目标是实现公司价值最大化，融资时一般遵循啄食理论原则，按照留存收益-债务融资-外部股权融资顺序以保持合理资本结构。上市公司股权再融资绩效不仅关系到证券市场的资源配置作用、投资者投资报酬和上市公司的可持续发展，也是影响证券市场健康发展的重要因素。在我国，普遍存在股权再融资偏好，由于公司治理结构混乱、监管手段落后等原因，上市公司的股权再融资募集资金使用效率低下。导致上市公司股权再融资低绩效的根本原因在于我国上市公司的公司治理结构不完善。因此，要提高我国上市公司股权再融资的绩效，必须完善我国上市公司的公司治理结构。 本文主要采用实证和规范相结合的研究方法。首先系统梳理了股权再融资的基本理论以及我国上市公司股权再融资政策和融资方式演变。并以此为依据，从理论上系统分析了浙江省上市公司股权再融资偏好的原因。以增发和配股两种主要的股权再融资方式为基础，再根据2006-2008年期间进行股权再融资的上市公司在融资后连续4年间的绩效与同期全体A股上市公司表现的对比分析，得出结论：上市公司股权再融资偏好与绩效低下之间有内在的联系，即股权再融资偏好的结果是绩效低下。导致股权再融资绩效低下的原因主要为：再融资资金使用的低效、特殊的股权结构和较低的资产负债率。 关键词：上市公司；股权再融资；绩效 Abstract Modern finance theories state that the operational objective of a firm is to realize the maximum value of the firm. To maintain a reasonable capital structure, firms usually refinance in an inside equity refinancing-debt refinancing-outside equity refinancing order. In our country, split share structure, company governance disorder, backwardness of supervising measures and so on make that the listed companies ’pose a low efficiency in using funds that collected through equity refinancing(ER),and they prefer to ER universally. The immediate reason for the preference of ER in the listed companies lies at the recessive income through tunneling that conducted and obtained by the big shareholders but not the small ones and internal control problems as well. Though there are a great many literatures which state the “low cost” of ER which includes Right Issuing, Seasoned Equity Offering. In this study, using a combination method of normative analysis and empirical analysis. This piece of paper focuses on sorting out systems of the western financing theories and on the basis of which analyze the cause for the financing preference of the domestic listed companies through the research methods of exemplification of regulation. It comes to the conclusion according to the comparison of the performances between the refinancing companies and all A shares listed companies during 2004-200