搜索
分类号密级UDC编号中央财经大学硕士学位论文学位论文题目：我国上市公司定向增发资产注入财务效应研究-以西南合成为例姓名崔庆学号MPAcc03408039院系所会计学院学科专业会计硕士研究方向财务管理指导教师张俊生副教授提交论文日期：二〇一一年四月二十日摘要随着在我国证券市场上具有划时代意义的股权分置改革的完成,我国证券市场进入全流通时代，众多拥有优质非上市资产的集团企业迫切希望通过资本市场实现资产证券化和资产价值最大化。定向增发资产注入作为目前资本市场中重要的融资形式受到大股东、上市公司、中小股东青睐，同时也符合完善上市公司治理结构的需要，深受资本市场欢迎，成为目前集团企业资产证券化和资产价值最大化的主要选择。研究某一次定向增发资产注入事件的实际质量和判断某一次定向增发资产注入事件的成败最主要标准就是该次定向增发资产注入能否对上市公司产生良好的财务效应，主要包括三部分：定向增发前期主要考虑准备注入上市公司的资产是否是大股东优质资产、定向增发当期主要考虑注入上市公司的资产是否对上市公司当期财务报表状况产生良好提升效果、定向增发后期主要考虑注入上市公司的资产与上市公司原有资产是否能在未来够产生运营协同效应。本文通过研究有关上市公司定向增发资产注入的理论,结合西南合成（股票代码：000788）2008年和2010年定向增发资产注入案例基本情况介绍,深入分析了案例中两次定向增发资产注入事件对西南合成产生的财务效应，得出了案例分析结论，总结了西南合成定向增发资产注入案例成功的经验，提出了未来需要进一步研究的问题和建议。关键词：定向增发资产注入财务效应上市公司AbstractAfterepoch-makingreformofnon-tradablesharesinthestockmarket,Chinesecapitalmarketwentintofullcirculationtime,Manyofthegroupownsun-Listedgoodqualityenterpriseseagerlyhopethatthroughthecapitalmarkettorealizequalityassetstocapitalizationandtomaximizethevalueofassets.EquityPrivatePlacementsAssetInjectionincapitalmarketsisapresentintheformoffinancingforthebiggestshareholder,andmediumlistedcompany'sothershareholdersandalsoisinlinewiththelistedcompanygovernance,withcapitalmarketatpresentandisthebestchoiceforagroupoftheenterpriseofrealizingqualityassetstocapitalizationandmaximizingthevalueofassets.ThemostmainstandardoftheresearchingtotheactualqualityofEquityPrivatePlacementsAssetInjectioneventsandthejudgmentforwhethertheEquityPrivatePlacementsAssetInjectioneventsaresuccessfulorfailureisthefinancialeffectsforthelistedcompanyintheEquityPrivatePlacementsAssetInjectionevents.Thefinancialeffectsmainlyincludesthreeparts:BeforetheEquityPrivatePlacementsAssetInjection,wemainlyconsiderthatwhethertheassetwhichisinjectedintothelistedcompanyisthegoodqualityassetbelongtothebiggestshareholder,DuringtheEquityPrivatePlacementsAssetInjection,wemainlyconsiderthatwhethertheassetwhichisinjectedintothelistedcompaniescanimprovethefinancialstatementslevelofthelistedcompanies,AftertheEquityPrivatePlacementsAssetInjection,wemainlyconsiderthatwhetheritcanproduceenoughsynergyeffectsinfuturecompanyoperatingbetweentheassetwhichisinjectedintothelistedcompaniesandtheassetwhichisusedbelongtothelistedcompanies.Inthisarticle,westudiedthetheoryabouttheEquityPrivatePlacementsAssetInjection,weintroducedthebasicsituationofthecaseabouttheSourthwestSyntheticPharmaceuticalLTD(stockcode:000788)EquityPrivatePlacementsAssetInjectioneventsin2008and2010,wedeeplyanalyzedthefinancialeffectsforSourthwestSyntheticPharmaceuticalLTDintheEquityPrivatePlacementsAssetInjectioneventsin2008and2010,wefinishedtheconclusionofthecaseanalysis,wesummarizedthesuccessfulexperienceofSourthwestSyntheticPharmaceuticalLTDintheEquityPrivatePlacementsAssetInjectionevents,andfinallywepresentedtheproblemandsuggestion.whichareneededtostudyonthefuture.Keywords:EquityPrivatePlacements,AssetInjection，FinancialEffects,ListedCompanies.目录第1章导论....................................................................11.1研究背景.................................................................................................................................11.2研究目的.................................................................................................................................21.3研究意义.................................................................................................................................41.4国内外研究综述......................................................................................................................51.4.1国内相关研究.............................................................................................................51.4.2国外相关研究.............................................................................................................61.5研究框架.................................................................................................................................71.6研究方法.................................................................................................................................81.7本文的创新点及不足..............................................................................................................8第2章我国上市公司定向增发资产注入相关理论研究................................92.1资产注入理论..........................................................................................................................92.1.1资产注入概念..............................................................................................................92.1.2资产注入方式............................................................................................................102.2定向增发理论........................................................................................................................122.2.1定向增发概念............................................................................................................122.2.2定向增发特点............................................................................................................132.2.3定向增发目的..................................................