發(fā)布時(shí)間：2018-03-20 02:34

  本文選題：機(jī)構(gòu)投資者　切入點(diǎn)：定向增發(fā)　出處：《哈爾濱工業(yè)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：定向增發(fā)是一種面向特定投資者發(fā)行股份直接融資的行為,因其具有可操作性強(qiáng),實(shí)施便捷,門(mén)檻較低的優(yōu)點(diǎn),從2006年至今,十余年間已經(jīng)發(fā)展成為上市公司再融資的主要渠道。近兩年的定向增發(fā)市場(chǎng)異�；鸨�,募資總額遠(yuǎn)超IPO和其他再融資方式,但是同時(shí)也出現(xiàn)了融資過(guò)度,監(jiān)管套利,盲目跨界等現(xiàn)象。2017年2月,監(jiān)管機(jī)構(gòu)修訂了非公開(kāi)股票發(fā)行的相關(guān)法規(guī),對(duì)定向增發(fā)的定價(jià)機(jī)制,發(fā)行規(guī)模等進(jìn)行了限制,定向增發(fā)市場(chǎng)進(jìn)入了新時(shí)期。5月份監(jiān)管機(jī)構(gòu)又規(guī)范了股東減持行為,倒逼定向增發(fā)市場(chǎng)走向價(jià)值投資。以基金為代表的機(jī)構(gòu)投資者是定向增發(fā)市場(chǎng)的主要參與力量,獲配份額越來(lái)越大,機(jī)構(gòu)也趨向多樣化。監(jiān)管機(jī)構(gòu)鼓勵(lì)機(jī)構(gòu)投資者發(fā)展,是因?yàn)闄C(jī)構(gòu)投資者被賦予進(jìn)行價(jià)值挖掘和價(jià)值投資,保護(hù)中小投資者利益的角色。然而關(guān)于機(jī)構(gòu)投資者是資本市場(chǎng)上的短期投機(jī)者,還是價(jià)值投資者的研究沒(méi)有形成定論,其在上市公司定向增發(fā)中的各個(gè)環(huán)節(jié)發(fā)揮了什么樣的作用,這種作用的機(jī)理又是什么?鑒于此,本文將聚焦機(jī)構(gòu)投資者在參與定增過(guò)程中的投資偏好問(wèn)題,以期從偏好的研究中進(jìn)一步分析機(jī)構(gòu)投資者在資本市場(chǎng)中所發(fā)揮的作用,分析近期監(jiān)管政策的合理性。本文首先對(duì)于國(guó)內(nèi)外關(guān)于定向增發(fā)與機(jī)構(gòu)投資者行為兩個(gè)方面的文獻(xiàn)進(jìn)行系統(tǒng)回顧并進(jìn)行文獻(xiàn)評(píng)述。然后梳理了我國(guó)定向增發(fā)的制度背景,從行為金融假說(shuō),信號(hào)與信息不對(duì)稱假說(shuō),委托代理理論等理論分析了機(jī)構(gòu)投資者行為的內(nèi)在機(jī)理。本文以2006-2016年11年間A股市場(chǎng)進(jìn)行非公開(kāi)發(fā)行的上市公司為樣本,以機(jī)構(gòu)投資者為研究視角,運(yùn)用邏輯分析和實(shí)證分析,系統(tǒng)分析機(jī)構(gòu)投資者在參與定向增發(fā)時(shí)的偏好。研究發(fā)現(xiàn):(1)機(jī)構(gòu)投資者在參與定增時(shí)投機(jī)屬性較強(qiáng),體現(xiàn)在機(jī)構(gòu)投資者更關(guān)注參與時(shí)的折價(jià)率,而不關(guān)注企業(yè)價(jià)值的成長(zhǎng)性;(2)機(jī)構(gòu)投資者傾向于參與大股東“掏空”行為可能性較小的定向增發(fā),體現(xiàn)在偏好參與大股東以現(xiàn)金認(rèn)購(gòu),增發(fā)目的為項(xiàng)目融資的定向增發(fā);(3)機(jī)構(gòu)投資者對(duì)于行業(yè)前景和題材熱度有偏好,但是并不顯著;(4)專(zhuān)業(yè)機(jī)構(gòu)投資者與一般機(jī)構(gòu)投資者之間存在明顯的差異,一般機(jī)構(gòu)投資者投資時(shí)更偏好大股東同時(shí)參與,以資產(chǎn)認(rèn)購(gòu),偏好非項(xiàng)目融資,專(zhuān)業(yè)機(jī)構(gòu)投資者在參與定增時(shí)的投資屬性更強(qiáng)。
[Abstract]:Directional additional issuance is a kind of direct financing behavior of issuing shares for specific investors. Because of its advantages of strong maneuverability, convenient implementation and low threshold, from 2006 to now, Over the past decade or so, it has become the main channel for refinancing of listed companies. In the last two years, the market for targeted additional offerings has been extremely hot, with the total amount raised far exceeding IPO and other refinancing methods, but at the same time, there has also been excessive financing and regulatory arbitrage. In February 2017, the regulators revised the relevant regulations on the issuance of private shares, limiting the pricing mechanism and the size of the issuance of targeted additional shares. In the new period, in the new period of 5 months, the regulatory bodies have regulated the behavior of shareholders' reduction and forced the market to move towards value investment. The institutional investors represented by funds are the main participating force of the market. Institutional investors are encouraged to develop because institutional investors are given value excavations and value investments. The role of protecting the interests of small and medium-sized investors. However, research on whether institutional investors are short-term speculators in the capital markets or value investors has not reached a conclusion. What kind of role has it played in each link of the listed company's directional issuance, and what is the mechanism of this role? In view of this, this paper will focus on the problem of institutional investors' investment preference in the process of participating in the growth process, in order to further analyze the role of institutional investors in the capital market from the study of preference. Firstly, this paper reviews and reviews the domestic and foreign literatures on the two aspects of directed placement and institutional investors' behavior, and then combs the institutional background of China's private placement. Based on behavioral finance hypothesis, signal and information asymmetry hypothesis and principal-agent theory, this paper analyzes the intrinsic mechanism of institutional investors' behavior. From the perspective of institutional investors, using logical analysis and empirical analysis, this paper systematically analyzes the preference of institutional investors when they participate in directional placement. Institutional investors pay more attention to the discount rate of participation, but not to the growth of enterprise value) Institutional investors tend to participate in the "hollowing out" behavior of large shareholders. This is reflected in the preference for the private placement of large shareholders who subscribe in cash for the purpose of financing the project. Institutional investors have a preference for industry prospects and subject matter heat. However, there are obvious differences between professional institutional investors and general institutional investors. When they invest, they prefer the participation of large shareholders, the purchase of assets, and the preference for non-project financing. Professional institutional investors in the participation of fixed growth when the investment attribute is stronger.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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