中小板企业定向增发后的业绩变化与市场表现研究

2006年证监会出台《再融资管理办法》后，定向增发很快就成为我国证券市场再融资的主流形式之一。然而自2011年以来，沪深两市曾经“风光无限”的定向增发却频频出现跌破发行价的现象，多数实施定向增发的公司都难逃破发的厄运。定向增发股破发现象在短时间内的集中出现，一时成为业界焦点问题之一。作为深圳证券交易所主板市场的附属市场，中小企业板块虽然与主板共同运作，共享管理系统及交易系统，甚至采取一致的监管标准，但是毕竟在上市公司的数量和规模上与主板市场有着较大差别。本文将通过分别分析中小板块定向增发股带来的股价效应和财务效应，考察近年我国中小板块定向增发股票带给投资者的获利机会，及其提升公司盈利水平、改善治理效果的程度。本文研究发现，市场整体弱势严重影响了定向增发股的获利效果。同时，本文对比中小板块上市公司定向增发前后的财务指标，发现实施定向增发后企业的盈利能力整体上出现了下滑的趋势。这说明近年来的定向增发给企业带来财务方面的改善效应非常有限。

关键词：  定向增发，中小企业板块，股价效应，财务效应
Abstract

Since CSRC formulated the Management Mesure of Refinancing, private offering of additional shares has become one of the mainstream refinancing methods in China’s securities market. However, since 2011, this method has undertaken tremendous misfortune. Most of the prices of privately offered additional shares have broken their offering price. Such circumstances have encouraged attention of investors. As an affiliated board of Shenzhen Security Exchange Market, small and medium enterprise board shares similar regulation standards and transaction systems with the main board, its number of stocks and scale of listed companies are quite different from those of the main board. This treatise will further discuss the effect of stock prices and financial performance of listed companies which implement private offering in China’s small and medium enterprise board, and then evaluate investment opportunity of private offering of additional shares, and the extent to which such offering has enhanced listed companies’ level of profitability and management efficiency.

Key words：  Private Offering of Additional Shares, Small and Medium Enterprise Board, Effect of Stock Prices, Financial Performance.

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