文档介绍：首都经济贸易大学
硕士学位论文
我国上市公司股改前后股权再融资对业绩影响的实证研究
姓名:吴雪
申请学位级别:硕士
专业:会计学
指导教师:付磊
20100418
首都经济贸易大学硕士学位论文我国上市公司股改前后股权再融资对业绩影响的实证研究
摘要
近年来,股权再融资在我国资本市场上风行,但其对业绩的影响如何,尚无定论。
国外学者在企业融资领域有着较为丰硕的研究成果,但由于我国的资本市场相对特
殊,不宜将国外的融资理论直接套用在我国的资本市场中。我国目前对上市公司股权
再融资对业绩影响的实证研究集中于股权分置改革之前(2004 年及以前)进行,在
股权分置改革之后进行的相关研究则非常有限,而对股改前后股权再融资公司业绩表
现的对比研究更是非常缺乏,而探究我国上市公司股改前后股权再融资对业绩的影响
状况,正是本文研究目的所在。本文通过实证分析,对股权再融资的上市公司在股改
前后的业绩表现进行横向纵向的对比研究,发现不论是股改前还是股改后,进行股权
再融资的上市公司再融资后业绩表现均呈现了一定的下滑趋势,但股改后负面影响程
度有所降低;股权分置改革并没有改变股权再融资公司业绩表现的总体下滑现象,股
权被分置并不是导致股改前股权再融资公司业绩表现恶化的主要因素,但对进行股权
再融资的上市公司的业绩表现还是起到了一定的积极作用;上市公司规模、股改前再
融资前资产负债率也会对股权再融资后的公司业绩有一定的影响。
关键词:股权再融资股权分置改革业绩
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首都经济贸易大学硕士学位论文我国上市公司股改前后股权再融资对业绩影响的实证研究
Abstract
In recent years, equity refinancing is popular in China's capital markets, but it is
uncertain what its performance impact is. Foreign scholars have achieved a more fruitful
research results in the field of corporate finance, but these results of foreign countries can
not be directly applied in China's special capital markets. China's current empirical study
of panies’ performance of equity refinancing is focused on the time before the
split share structure reform (2004 and earlier), and after the split share structure reform the
relevant studies are very less, while before and after the share reform parative
study of the performance on the impact of equity refinancing is very much lacking, in view
of this we do this study. Through this empirical analysis, we found either before or after
the split share structure reform through horizontal and parative study
methods, the performance after the panies carry out equity refinancing has a
negative impact on some pared to those panies according to a
certain method of matching sample, but the performance is better after the split share
structure reform. The split share structure reform did not change the decline of the
perform