本文選題：機構投資者　切入點：定向增發　出處：《哈爾濱工業大學》2017年碩士論文　論文類型：學位論文

【摘要】：定向增發是一種面向特定投資者發行股份直接融資的行為,因其具有可操作性強,實施便捷,門檻較低的優點,從2006年至今,十余年間已經發展成為上市公司再融資的主要渠道。近兩年的定向增發市場異常火爆,募資總額遠超IPO和其他再融資方式,但是同時也出現了融資過度,監管套利,盲目跨界等現象。2017年2月,監管機構修訂了非公開股票發行的相關法規,對定向增發的定價機制,發行規模等進行了限制,定向增發市場進入了新時期。5月份監管機構又規范了股東減持行為,倒逼定向增發市場走向價值投資。以基金為代表的機構投資者是定向增發市場的主要參與力量,獲配份額越來越大,機構也趨向多樣化。監管機構鼓勵機構投資者發展,是因為機構投資者被賦予進行價值挖掘和價值投資,保護中小投資者利益的角色。然而關于機構投資者是資本市場上的短期投機者,還是價值投資者的研究沒有形成定論,其在上市公司定向增發中的各個環節發揮了什么樣的作用,這種作用的機理又是什么?鑒于此,本文將聚焦機構投資者在參與定增過程中的投資偏好問題,以期從偏好的研究中進一步分析機構投資者在資本市場中所發揮的作用,分析近期監管政策的合理性。本文首先對于國內外關于定向增發與機構投資者行為兩個方面的文獻進行系統回顧并進行文獻評述。然后梳理了我國定向增發的制度背景,從行為金融假說,信號與信息不對稱假說,委托代理理論等理論分析了機構投資者行為的內在機理。本文以2006-2016年11年間A股市場進行非公開發行的上市公司為樣本,以機構投資者為研究視角,運用邏輯分析和實證分析,系統分析機構投資者在參與定向增發時的偏好。研究發現:(1)機構投資者在參與定增時投機屬性較強,體現在機構投資者更關注參與時的折價率,而不關注企業價值的成長性;(2)機構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,體現在偏好參與大股東以現金認購,增發目的為項目融資的定向增發;(3)機構投資者對于行業前景和題材熱度有偏好,但是并不顯著;(4)專業機構投資者與一般機構投資者之間存在明顯的差異,一般機構投資者投資時更偏好大股東同時參與,以資產認購,偏好非項目融資,專業機構投資者在參與定增時的投資屬性更強。
[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.
【學位授予單位】：哈爾濱工業大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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