本文選題：烽火通信　切入點：定向增發　出處：《東華大學》2017年碩士論文　論文類型：學位論文

【摘要】：2006年中國證監會頒布的《上市公司證券發行管理辦法》首次將定向增發納入法律約束層面。由于定向增發融資方式具有門檻低、發行成本低、定價機制靈活、增發規模不受限制的優點迅速得到了很多發行公司的青睞。萬得數據顯示定向增發已經成為上市公司股權再融資的最主要方式。但目前定向增發改革實踐剛走過十年,新情況、新問題不斷出現,有些公司頻頻實施定向增發,經營活動產生的現金流存在短缺的問題,對上市公司定向增發及其經營績效問題的研究具有重要的現實意義。首先通過梳理和歸納相關文獻,本文對定向增發這一領域的國內外相關理論研究成果進行整理,并就定向增發的制度背景和現狀予以了分析。其次,再以企業財務報告等資料為主要依據,選擇烽火通信公司作為案例,運用理論研究和案例研究相結合的方法,對烽火通信定向增發后的經營績效予以分析。烽火通信公司業績表現良好但近年來頻頻實施定向增發,分別在2009年、2012年分別實施了一次定向增發,又在2015年實施了兩次定向增發,且在2016年公布了新的定向增發預案。所以針對企業情況,本文深入研究了定向增發對公司經營績效的影響。本文主要沿著定向增發可能是現金流存在問題這一思路,先分析企業在現金流上存在的問題,然后分別對烽火通信進行增發后的財務績效、資本市場表現進行了剖析與評價,探究企業經營管理上存在的問題怎樣影響了企業的現金流。進一步分析企業經營績效的影響因素,并對定向增發影響企業經營績效的路徑進行剖析。通過以上研究本文發現企業的經營活動現金流量存在短缺的問題,且企業存在著存貨周轉效率低下、應收賬款回收效率低等經營管理方面的問題,并就如何解決這些問題理提出相關的建議,指出了烽火通信定向增發值得借鑒的地方。本文的貢獻之處在于系統分析了烽火通信定向增發前后財務績效,并具體分析了定向增發前后企業在資本市場的表現以及定向增發對企業資產結構和業務結構的影響,指出了企業存在的實際問題,為投資者深入了解公司的經營狀況和財務狀況,更好的認識企業未來的發展情況提供參考。
[Abstract]:In 2006, China Securities Regulatory Commission promulgated the Regulation of Securities issuance of listed companies, which for the first time brought additional directional issuance into the legal constraint level. Due to the low threshold, low issuing cost and flexible pricing mechanism, the financing method of additional directional issuance is of low threshold, low issuing cost, and flexible pricing mechanism. The advantages of unlimited size of additional offerings have quickly gained the favor of many issuing companies. Data from Wanda show that private placement has become the most important form of equity refinancing for listed companies. But at present, the practice of private placement reform has just passed a decade, and new circumstances have emerged. New problems continue to arise, some companies frequently implement additional directional offerings, and the cash flow generated by operating activities is short. It is of great practical significance to study the issue of directional additional offering and its management performance of listed companies. Firstly, by combing and summarizing the relevant literature, this paper collates the relevant theoretical research results in the field of directional placement at home and abroad. Secondly, based on the enterprise financial report and other information as the main basis, select beacon fire communication company as a case, using the combination of theoretical research and case study method. This paper analyzes the business performance of beacon fire communication after directional additional issuance. The company has good performance, but in recent years, it has frequently implemented directional additional issuance, respectively in 2009, 2012, respectively. In 2015, two additional private offerings were implemented, and in 2016, a new plan for additional directional issuance was announced. This paper deeply studies the effect of directional additional offering on the performance of the company. This paper mainly follows the idea that the directional additional offering may be a cash flow problem, and analyzes the existing problems in the cash flow of the enterprise. Then the financial performance, capital market performance and capital market performance of Fiberhome Communications are analyzed and evaluated respectively. To explore how the problems in the management of enterprises affect the cash flow of enterprises, and further analyze the factors that affect the performance of enterprises. Through the above research, we find that the cash flow of business activities is short, and the efficiency of inventory turnover is low. Problems in the management of low recovery efficiency of accounts receivable, and relevant suggestions on how to solve these problems, The contribution of this paper lies in the systematic analysis of the financial performance before and after the targeted increase of beacon fire communication. The paper also analyzes the performance of enterprises in the capital market before and after the placement, and the influence on the asset structure and business structure of the enterprises, and points out the practical problems of the enterprises. For investors to understand the company's business and financial situation, a better understanding of the future development of enterprises to provide a reference.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F626.115;F832.51

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