居然之家定向增发的财务效应研究

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作者	张洋
姓名汉语拼音	Zhang Yang
学号	2021000008237
培养单位	兰州财经大学
电话	18737400998
电子邮件	1278214430@qq.com
入学年份	2021-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	会计
学科代码	1253
第一导师姓名	张鲜华
第一导师姓名汉语拼音	Zhang Xianhua
第一导师单位	兰州财经大学
第一导师职称	教授
第二导师姓名	陈沛
第二导师姓名汉语拼音	Chen Pei
第二导师单位	中国联通
第二导师职称	高级会计师
题名	居然之家定向增发的财务效应研究
英文题名	A Study on the Financial Effects of Easyhome Private Placement
关键词	定向增发财务效应家居行业居然之家
外文关键词	Private placement ; Financial effect ; Home industry ; Easyhome
摘要	自2020年2月证监会对再融资规则进行新一轮修订以来，定向增发因其所特有的优势成为 A 股上市公司偏爱的资源整合工具，也日渐成为资本市场的主流募资方式之一。然而，随着定向增发规模的快速增长，其负面市场效应也开始显现。其中，作为房地产行业后产业的家居行业，因实现转型升级需充沛资金而导致定向增发规模快速增长，也因此背负了“圈钱”和大股东转移财富的嫌疑。由此，针对家居行业上市公司的定向增发展开动因及财务效应分析，对 A 股资本市场的高质量发展及治理具有深远的现实意义。本文依托优序融资、市场择时及机会窗口等管理学理论，选取家居行业的龙头企业居然之家作为典型案例，采用事件研究法，针对其在2020年再融资新规落地后家居零售业首次较大规模的定向增发事件，对其深层次动因以及增发所引发的财务效应（兼顾市场效应和财务绩效）展开分析。结果表明，居然之家定向增发的主要动因为满足资金需求、战略转型和提升核心竞争力。从市场效应来看，尽管短期来看，这一趋势是积极的，但公司的每股收益被稀释却是难以避免的；同时，从财务绩效来看，资产总额和净资产规模同步增长，资产负债率下降，企业资产负债结构趋于稳健，股权结构和治理结构也得以稳定和完善，通过多元化升级的经营业态也使其竞争优势和行业地位得到提升。基于分析结果，得出现实启示：首先，上市公司需依据增发目的选择适配对象，有助于达到更好的合作效果；其次，要充分利用资本市场的功能，增强信息的透明度，减少公司和外部市场的不对称性。第三，在筹集资本时，应注重对战略投资者的持股比例进行调整，以降低股权转移的风险。
英文摘要	Since the CSRC revised its refinancing policy in February, 2020, private placement has become a preferred resource integration tool for A-share listed companies because of its unique advantages, and it has gradually become one of the mainstream fund-raising methods in the capital market. However, with the rapid growth of the scale of private placement, its negative market effect has also begun to appear. Among them, the home furnishing industry, as a post-industry of the real estate sector, requires adequate capital to achieve the transformation and upgrading, which resulting in a rapid increase in the size of private placement, and therefore bears the suspicion of "circling money" and the transfer of wealth by large shareholders. Therefore, it has profound realistic meaning to analyze the motive and finance effect of the listed company in the home furnishing industry for the high-quality development and governance of A-share capital market. Based on the management theories of pecking order financing, market timing and window of opportunity, this article takes the leading enterprise of domestic industry as a typical case, and use the event study method to analyze the deep-seated motivation and financial effects (both market effect and financial performance) caused by the first large-scale private placement event in the home retail industry after the new refinancing regulations were implemented in 2020. The results show that the main motivation of private placement of Easyhome is to meet the capital demand, strategic transformation and improve the core competitiveness. From the point of view of market effect, although this trend is positive in the short term, it is inevitable that the company's earnings per share will be diluted; At the same time, from the perspective of financial performance, the total assets and net assets scale have increased at the same time, the asset-liability ratio has decreased, the asset-liability structure has become more stable, the ownership structure and governance structure have been stabilized and improved, and its competitive advantage and industry position have been enhanced through diversified and upgraded business formats. Based on the analysis results, we can draw practical enlightenment: firstly, listed companies need to choose suitable targets according to the purpose of issuing additional shares, which will help to achieve better cooperation results; Secondly, we should make full use of the function of the capital market, enhance the transparency of information and reduce the asymmetry between the company and the external market. Thirdly, when raising capital, we should focus on adjusting the shareholding ratio of strategic investors to reduce the risk of equity transfer.
学位类型	硕士
答辩日期	2024-05-25
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	69
参考文献总数	65
馆藏号	0006143
保密级别	公开
中图分类号	F23/1158
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/36653
专题	会计学院
推荐引用方式 GB/T 7714	张洋. 居然之家定向增发的财务效应研究[D]. 甘肃省兰州市. 兰州财经大学,2024.

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