近年来，高新技术产业越发成为衡量各国核心竞争力强弱的关键因素。可以说，发展高新技术产业顺应世界潮流，且势在必行。要想提升我国高新技术整体水平，加速经济发展，就必须鼓励高新技术企业发展。高新技术企业由于具有产品研发周期长、风险高的特点，对股权资金的依赖程度较高，因此需要择优选择股权融资方案。科大讯飞作为人工智能服务和软件开发的龙头企业，近年来更是高速发展，顺应计算机科技发展大势，努力扩张人工智能应用场景领域的业务范围。这为公司带来了较大规模的股权融资需求，科大讯飞多次采用定向增发这一再融资手段。本文希望探究科大讯飞三次选择定增的动因及效果。目前对上市公司定增的研究有如下特点。研究方法上，目前文献以大样本实证分析为主，缺乏典型案例分析；研究视角上，目前文献大多关注公司治理、股东性质、信息不对称等因素，很少从战略分析角度出发加以研究。研究信息来源上，目前文献的研究大多基于公开数据，缺乏从公司内部信息视角的分析。本文采用了多种研究方法。文献方面，本文回顾了学术界已有的关于融资方式选择、公开增发与定向增发比较、定向增发动因分析的相关文献。比较分析方面，本文将科大讯飞与其相应可比公司进行比较，指出科大讯飞所处的行业地位与面临的问题，揭示科大讯飞相应定向增发的背景。案例分析方面，本文对科大讯飞三次定增的战略动因及效果进行了详细分析。本文结论为，科大讯飞三次选择定增融资方式，都是为了配合其战略动因，取得了良好的效果。科大讯飞第一次定增融资，旨在实现收购双方的利益绑定，吸纳收购标的人才；科大讯飞第二次定增融资引入了国资，旨在更好地加强政企合作，充分享受政府政策红利，拓展G端业务；科大讯飞第三次定向融资，旨在优化公司股权结构，防止被收购，同时避免对大股东的过度依赖，增强实控人对公司的控制程度，提振市场信心，更好地实施公司战略。本文的贡献在于，增加了理解上市公司定增行为的新视角，对其他上市公司的股权融资策略选择有借鉴意义。

In recent years, high-tech industries have increasingly become a key factor to measure the strength of core competitiveness of countries. It can be said that the development of high-tech industries conforms to the world trend and is imperative. In order to improve the overall level of high-tech and accelerate economic development, it is necessary to encourage the development of high-tech enterprises. High-tech enterprises have the characteristics of long product development cycle and high risk, and are highly dependent on equity funds, so they need to choose the best equity financing scheme.As a leading enterprise in artificial intelligence service and software development, Iflytek has been developing at a high speed in recent years, conforming to the development trend of computer science and technology, and striving to expand the business scope of artificial intelligence application scenarios. This has brought a large-scale demand for equity financing for the company, and Iflytek has repeatedly adopted the method of private placement. This thesis hopes to explore the motivation and effect of Iflytek‘s three-time selective increase.At present, the research on the private placement of listed companies has the following characteristics. In terms of research methods, the current literature is mainly based on large sample empirical analysis, lacking typical case analysis; From the perspective of research, most of the current literature focuses on corporate governance, the nature of shareholders, information asymmetry and other factors, and rarely studies them from the perspective of strategic analysis. On the source of research information, most of the current literature research is based on public data, lacking analysis from the perspective of internal information of the company.This thesis adopts a variety of research methods. In terms of literature, this thesis reviews the existing academic literature about the choice of financing methods, the comparison between public offering and private offering, and the analysis of the motivation of private placement. In the aspect of comparative analysis, this thesis compares Iflytek with its comparable companies, points out Iflytek‘s industry position and problems, and reveals the background of Iflytek‘s corresponding private placement. In case analysis, this thesis makes a detailed analysis of the strategic motivation and effect of Iflytek‘s three-time private placement. The conclusion of this thesis is that Iflytek chose the method of private placement three times, all in line with its strategic motivation, and achieved good results. Iflytek’s first private placement aimed at realizing the binding of interests of both acquirers and absorbing the target talents; Iflytek‘s second private placement financing introduced state-owned assets, aiming at better strengthening government-enterprise cooperation, fully enjoying government policy benefits and expanding G-side business; Iflytek‘s third private placement aimed at optimizing the company‘s equity structure, preventing it from being acquired, avoiding excessive dependence on major shareholders, enhancing the control degree of the actual controller, boosting market confidence and better implementing the company‘s strategy. The contribution of this thesis is that it provides a new perspective to understand the private placement behavior of listed companies, which is of reference significance to the choice of equity financing strategies of other listed companies.