定向增发式资产注入行为的股东利益研究

发布时间：2018-01-06 14:42

本文关键词：定向增发式资产注入行为的股东利益研究　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：股权分置改革改变了我国证券市场上同股不同权的现象，使得大股东和中小股东之间的利益趋于一致。大股东不再对上市公司有强烈的“掏空”动机，支持意愿更加强烈，大股东向上市公司注入资产的现象更加普遍，定向增发也成为资产注入最普遍的形式。由于大股东和中小股东之间的信息不对称，代理成本和监督效应的存在，使得大股东在资产注入中天然处于优势地位，中小股东处于劣势地位。在定向增发式资产注入这一关联交易中，大股东是注入优质资产支持上市公司的发展还是注入劣质资产侵害中小股东的利益呢？不同注入形式，不同所有权性质，不同股权集中度的资产注入行为在市场表现方面有什么差异呢？本文将讨论这些问题，并根据这些问题提出了研究假设。本文选取2006年1月1日至2011年12月31日之间公告发生的上市公司资产注入事件为研究样本，采用事件研究法研究资产注入事件对上市公司股价产生的影响，运用累计超额收益率(CAR)来衡量这一影响程度。按照资产注入模式分为股权（或现金）模式进行的资产注入和以资产模式进行的资产注入，分别统计其累计超额收益率的均值，对比不同注入模式下资产注入事件对上市公司累计超额收益率变动的影响情况；按照上市公司大股东国有或民营的背景分类，比较两类资产注入事件的累计超额收益率；按照大股东持股比例的高低分类，进行不同股权集中度的累计超额收益率分析。经过对分类子样本超额收益率均值的检验得出结论：“资产式”定向增发资产注入的短期市场表现要明显好于“股权式”定向增发资产注入的短期市场表现；定向增发式资产注入对于国有控股上市公司的短期股东财富和市场业绩的推动作用不及对于民营控股上市公司明显；股权集中度低的公司在宣告定向增发资产注入后，各交易日的累计平均超额收益率要显著高于股权集中度高的公司，并且这种显著性差异随时间推移而呈现出越来越大的趋势。根据对累计超额收益率的多元线形回归得出相关结论：上市公司发生定向增发式资产注入将对上市公司产生正向宣告效应，短期内有利于上市公司股东获得累计超额收益，并且当上市公司大股东选择直接以资产认购股份时，获得超额收益的正面影响将更加显著；国有控股的上市公司在进行定向增发式资产注入后的公司绩效要比民营控股的上市公司差；当上市公司股权集中度过高，大股东拥有“一股独大”的绝对控制权时，他们更倾向于利用定向增发式资产注入来获取更多私人利益，利用“信息不对称”和控制权优势，以次充好或虚增注入资产的价值，以更低的对价获取更多的股份，从而进一步巩固和加强对公司的股权控制，而上市公司和中小股东的利益却因此受到严重侵害。根据研究结论，本文给出解释，并提出政策建议：进一步完善市场环境和法律规范，对于资产注入事件中大股东加强监管，加强资产注入过程中资产质量审核，进一步严格对定向增发股价的规定。本文研究的主要不足是定向增发式资产注入自2006年才兴起，不断有新的现象发生，监管部门也在不断地完善相关的法律法规，，所以本文得出结论可能具有一定时间局限性；我国的股票市场2006年至2007年间处于显著上升阶段，牛市行情可能使定向增发的公告效应发生偏离；另外在研究方法和实证处理上也存在不足。
[Abstract]:The reform of non tradable shares changed with the shares of different rights in our country stock market phenomenon, making between large shareholders and minority shareholders tend to be the same. Large shareholders no longer have strong motivation of listed companies "tunneling", support will be more intense, large shareholders inject assets into listed companies more widespread phenomenon, the private placement is also become the most popular form of asset injection. Due to the information asymmetry between large shareholders and small shareholders, agency cost and supervision effect, making major shareholders in a dominant position in natural assets, small shareholders at a disadvantage position. In this type of assets into private placement transactions, major shareholders are the development of injection of quality asset backed listed companies or the injection of inferior assets against the interests of small shareholders? Different injection form, different ownership, different concentration of ownership of the assets into What's the difference between behavior in the market performance? This article will discuss these issues and put forward research hypotheses based on these issues.
The announcement occurred between January 1, 2006 to December 31, 2011 the assets into the listed company as research sample, study the impact of asset injection events on the stock price of listed companies by the method of case study, using the cumulative abnormal return (CAR) to measure the degree of influence. According to the asset injection mode is divided into equity (or cash) mode of to inject assets and assets into the asset model, respectively, the statistics of the cumulative abnormal return on average, compared with different injection mode of assets into the listed company events on the cumulative abnormal returns of the major shareholders of listed companies; in accordance with the classification of state-owned or private background, compare the two types of assets into the cumulative abnormal return event in accordance with the classification level; the proportion of large shareholders, different ownership concentration the cumulative abnormal return after sub analysis. Sub sample average abnormal return test concluded: "the short-term market performance of assets" placement of assets into short-term market performance was better than the "equity" private placement asset injection; promote private placement type assets into state-owned listed companies for short-term shareholder wealth and market performance than for private listed companies; ownership concentration is low in the private placement announcement after injection of assets, each trading day of the cumulative average abnormal return rate is significantly higher than that of the high concentration of shareholding of the company, and the significant difference with time showing a growing trend.
Based on multiple linear regression of the cumulative abnormal return to draw relevant conclusions: listed companies private placement type assets will have a positive effect on the announcement of listed companies, in the short term to shareholders of listed companies to obtain the cumulative excess return, and when the choice of major shareholders of listed companies directly to asset shares, obtain excess returns will be a positive impact more significant; state-owned listed companies in the private placement type assets into the company performance than private listed company holding shares of listed companies; when the concentration is too high, large shareholders have absolute control over dominance ", they tend to use private placement type assets to get more private interests, using" information asymmetry "and control advantages, shoddy or inflated assets into the value, at a lower price to get more The share of the stock, thus further consolidating and strengthening the control of the stock rights of the company, and the interests of listed companies and small and medium shareholders have been seriously infringed.
According to the research conclusion, this paper gives explanations and puts forward policy recommendations: further improving the market environment and legal norms, strengthening the supervision of major shareholders in asset injection events, strengthening asset quality audit during asset injection, and further strictly regulating the provisions of private placement.
The main shortcoming of this paper is the type of assets into the private placement before the rise since 2006, there have been a new phenomenon, regulators also continue to improve the relevant laws and regulations, so the conclusion of the paper may have some time limitation; China's stock market from 2006 to 2007 in a significant increase, the announcement effect of the bull market may make the placement of the deviation; in addition to the research methods and empirical treatment is also insufficient.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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