摘要 ：定向增发即采用非公开方式向特定投资者增发股票，也称非公开发行，在 西方国家被称为私募股权。中国重工作为我国规模最大的造修船及海洋工程制 造公司之一，公司已实行两次定向增发，分别为 2010 年和 2013 年。本文回顾 了定向增发对业绩指标影响的相关理论，介绍了中国重工定向增发的背景及发 展历程。在此基础上，本文通过对中国重工的七个财务指标分析，分别为净资 产收益率、每股收益、每股净资产、总资产周转率、所有者权益比率、主营业 务增长率和资本累计率，说明定向增发对业绩的影响，并通过中国重工与中国 船舶的比较，揭示中国重工可能为了定向增发而操控业绩。通过对七个财务指 标的研究分析，得出定向增发对中国重工的影响利大于弊。对中国重工的定向 增发的研究，不仅可以为中国重工定向增发后的利弊提供参考的数据，而且相 较于其他涉及定向增发的研究还为监管部门的监管提供视角。 

 关键词：定向增发；中国重工；业绩

The Effect of Private Placement on the Performance of China Heavy Industry

Abstract：Private placement that closed to certain investors to raise equity,also called private placement,in the West are known as private equity. China's heavy industry,as China's largest building and repairing ships and marine engineering and construction company,one of the two corporations had the directional,2010 and 2013 respectively.This paper reviews the relevant theory of directional effects on performance indicators,introduced the background of China's heavy industry placement and development process.This based Shang, paper through on China heavy workers of 7 a financial index analysis,respectively for net worth returns rate,and each unit returns,and each unit net worth,and total assets turnover,and owner interests ratio,and main business growth and capital cumulative rate,description directed SEO on performance of effect,and through China heavy workers and China ship of compared,reveals China heavy workers may to directed SEO and control performance.Through the study of 7 financial index analysis,concluded that the directional influence on China's more good than harm.The study of China's private placement,not only can provide references for the advantages and disadvantages of China's heavy industries after the private placement of data,and compared to other research involving private placement also provides perspective for regulatory supervision.

Keywords:Private placement；Heavy industry；Performance

目录 

0 引言 . 1 

1 公司业绩一般概述  1 

1.1 公司业绩的定义  1 

1.2 公司业绩评价的意义 .. 1 

2 定向增发的相关概念 . 3 

2.1 定向增发的概念  3 

2.2 定向增发的发展现状 .. 3 

2.3 定向增发的特点  4 

3 中国重工定向增发的发展历程 .. 5 

3.1 中国重工的简介  5 

3.2 中国重工两次定向增发的历程  6 

3.2.1 第一次定向增发  6 

3.2.2 第二次定向增发  7 

4 定向增发对中国重工业绩的影响  7 

4.1 定向增发对净资产收益率的影响 . 8 

4.1.1 2011 年-2015 年定向增发对中国重工净资产收益率的分析  8 

4.1.2 中国重工与中国船舶净资产收益率的对比分析 .. 8 

4.2 定向增发对每股收益的影响 . 10 

4.2.1 2011 年-2015 年定向增发对中国重工每股收益的分析  11 

4.2.2 中国重工与中国船舶每股收益的对比分析 .. 12 

4.3 定向增发对每股净资产的影响 .. 12