上市公司实施定向增发的影响因素分析——以实现并购为目的的上市公司为样本

Analysis on the Influencing Factors of Private Placement of Listed Companies——Using the Listed Companies that Achieved the Purpose of Mergers and Acquisitions of Non-listed Companies as the Sample

上市公司进行定向增发实现融资和并购目的的行为越来越多,对影响上市公司采用定向增发方式并购非上市公司的因素进行理论分析之后,选取从2008年1月1日至2014年12月31日期间,沪深两市A股成功实施定向增发并购非上市公司的368家上市公司为研究样本,运用Logit模型对影响上市公司定向增发并购非上市公司的因素进行实证检验,研究结果显示上市公司的第一大股东持股比例、产权性质、账面市值比、经营业绩、托宾Q值和规模对股权融资方式的选择产生重要的影响。最后,结合上面的理论分析和实证结果给出了相关的政策建议,以期为规范定向增发和上市公司融资的顺利进行提供一点参考。

Listed companies for private placement to achieve the purpose of financing more and more acts.After the theoretical analysis of the factors that affect the listed companies to M&A of nonlisted companies by the way of private placement,we selected 368 listed companies which successfully implemented private placement of non-listed companies from A shares of the Shanghai Stock Exchange and Shenzhen Stock Exchange from January 1,2008 to December 31,2014 as the study sample,and we used the Logit model to test the factors that affect the issuance of stocks by private placement of listed companies.The results show that the proportion of the largest shareholder of listed companies,the nature of property rights,the book market value ratio,operating performance,Tobin Q value and the size of the equity financing options have an important impact.Finally,the paper puts forward relevant policy suggestions in combination with the above theoretical analysis and empirical results,so as to provide a reference for standardizing the issuance of private placement and smoothing the progress of financing of listed companies.