上市公司定向增发中的利益输送问题研究

发布时间：2018-01-01 03:24

本文关键词：上市公司定向增发中的利益输送问题研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权分置改革后,定向增发因操作流程简洁、准入门槛较低以及发行费用少等优势,受到市场的广泛认可并成为了我国资本市场上股权再融资的最主要模式。然而,这一在资本市场广受欢迎的再融资方式在我国独特的资本市场土壤上却滋生了备受诟病的利益输送问题。我国定向增发市场为什么会成为小股东利益向大股东进行输送的工具?利益输送的途径又主要有哪些?为什么这些途径在定向增发实施过程中能实现利益输送?本文针对这三个问题进行了理论的探讨和案例研究。本文章节安排如下：第一章,导论。首先阐述了本文的研究背景以及意义,为本文接下来的研究奠定了基础。然后陈述了研究思路、研究方法,以及界定了定向增发与利益输送的概念。第二章,文献综述。本文首先对国内外有关定向增发的文献进行了梳理,通过梳理国外的定向增发文献,发现国外文献中主要是通过折价的研究来说明利益输送问题,在国外利益输送的途径主要是采取高折价的方式,并且有监督假说、信息不对称假说、管理层防御假说、大股东控制权的假说、投资者投资风险补偿假说五种假说来解释这些折价现象。对国内文献针对定向增发中利益输送途径的研究进行了总结,可以分为三种：以不合理的低价对特殊的认购对象定向增发、大股东以高价注入资产的行为认购定向增发新股、定向增发实施后的套现行为。而套现行为又分为了两类：第一类,定向增发认购方在定向增发后实施减持股份的行为；第二类,当完成定向增发的认购行为后,上市公司进行高额分红的行为。第三章,定向增发中的利益输送问题理论分析。首先分析了我国定向增发市场中产生这三种利益输送途径的理论和现实根源,指出我国独特的资本市场土壤养分结构失衡是造成定向增发成为利益输送管道的根本缘由,一方面我国上市公司大股东对于上市公司有着绝对的支配权,另一方面我国定向增发市场监管经验匮乏,信启、披露制度不完善,这产生了大股东和小股东之间严重的信息不对称和委托代理问题。接着,又以理论分析解释了这三种途径在定向增发市场中为什么能够实现利益输送。第四章,案例分析。本文的案例部分通过对三种途径实施过程的回顾,验证了三种途径在定向增发中能够实现利益输送,分别是以小商品城的定向增发案例验证了我国定向增发实施过程中以不合理的低价对特殊的认购对象定向增发的行为能够实现利益输送；以亿利能源定向增发案例验证了定向增发实施过程中大股东以高价注入资产认购定向增发新股的行为能够实现利益输送；在套现行为中,以宗申动力定向增发的案例验证了减持股份的行为能够实现利益输送,驰宏锌锗定向增发的案例验证了高额分红的行为能够实现利益输送。第五章,结论、建议及展望。本文建议从三个角度来解决我国定向增发市场中的利益输送问题：第一,规范发行价制度,建立相关的约束机制,严打为了降低发行价而进行股价操纵的行为；第二,强化注入资产质量的评估,保障资产评估的真实性与可靠性；第三,完善公司治理,约束大股东的自利行为,减少股东间的利益冲突。本文的贡献：以理论分析的方式说明了三种途径在定向增发中能够实现利益输送,并以案例分析的形式将这三种途径呈现出来,为我国定向增发中利益输送问题的后续研究奠定了基础,为中小投资者的投资提供借鉴,同时也有助于监管层对于定向增发行为的规范。本文的不足：本文将上市公司定向增发中的利益输送的途径归纳为三种,对上市公司定向增发中的利益输送途径有待进一步发掘。由于篇幅有限,未对这些上市公司中长期的经营业绩进行分析,无法判断是否会对中小股东造成较为持久的利益侵害。
[Abstract]:After the reform of non tradable shares, private placement for operation process simple, low barriers to entry and the issue of less cost and other advantages, is widely recognized by the market and the capital market of our country has become the main mode of equity refinancing. However, it is very popular in the capital market refinancing way in soil unique capital market of our country has spawned much criticized the interests of transport problems. China's private placement market and why would become the interests of small shareholders are tools for transfer to large shareholders? Ways of transfer of benefits and what are the main? Why these pathways in the private placement to achieve transfer of benefits in the process of implementation? This paper discusses theory and case study for these three problems.
This chapter is arranged as follows:
The first chapter is introduction. First, it expounds the background and significance of the research, and lays the foundation for the next research. Then, it expounds the research train of thought, research method, and defines the concept of private placement and interest transfer.
The second chapter, literature review. This paper based on the domestic and foreign related literature through private placement, the placement of combing foreign literature found in foreign literature is mainly through the discount study to illustrate the issue of transfer of benefits, in the way of foreign transfer of interest mainly by high discount, and supervised information hypothesis. Asymmetry hypothesis, managerial entrenchment hypothesis, large shareholders hypothesis, investors investment risk compensation hypothesis five hypotheses to explain these phenomena. The domestic research literature on the transfer of benefits in the private placement way are summarized, can be divided into three types: the unreasonable price of the additional subscription object oriented special. The behavior of large shareholders to subscribe orientation high priced assets into the issuance of new shares, cash after the implementation of the private placement. And action is divided into two categories: the first category, set The behavior of reducing the shares by private placement providers after the private placement is carried out; the second kind is the behavior of the listed companies to pay dividends when the subscription behavior of private placement is completed.
The third chapter, theoretical analysis of the transfer of benefits in the private placement. First analyzed and realistic root of Chinese private placement market generated in the three kinds of interests transportation theory, pointed out that China's unique capital market structure is caused by the imbalance of soil nutrient placement to become the fundamental causes for the interests of pipelines, on the one hand, the listed companies in China large shareholders of the listed company has an absolute dominance, on the other hand, China's private placement market supervision experience lack of information disclosure, the system is not perfect, it has produced between large and small shareholders serious asymmetric information and principal-agent problems. Then, based on theoretical analysis and explanation of the three ways in the directional why SEO market can realize the transfer of benefits.
The fourth chapter is the analysis of the case. In the first part of this paper, by reviewing the process of implementation of the three ways, to verify the three ways in the private placement to achieve transfer of benefits, which are directed to small commodity city additional case verifies the private placement in China in the process of implementation to unreasonable price of subscription object oriented special the issuance of the behavior to achieve transfer of benefits; to Yili energy placement cases to verify the implementation of the private placement of large shareholders in the process of high priced assets into the private placement of new shares subscription behavior to achieve transfer of benefits; in the current set for, in Zongshen private placement cases to verify the holdings of shares of behavior to achieve transfer of benefits, the private placement Chihong case to prove the high dividend behavior to achieve transfer of benefits.
The fifth chapter, conclusion, suggestion and prospect. This paper proposes to solve China's private placement market problems in the transfer of benefits from three aspects: first, the price system of issuing norms, establish the restriction mechanism related to the crackdown, manipulate the stock price behavior in order to reduce the issue price; second, strengthen the assessment of the quality of the injection of assets, authenticity the reliability and security of assets assessment; third, improve corporate governance, self-interest constraints of the big shareholders, reduce the conflict of interest between shareholders.
The contribution of this article:
In the theoretical analysis illustrates three ways in the private placement to achieve transfer of benefits, and the case analysis form the three approaches presented, laid the foundation for further research problem of conveying the interests of our private placement, in order to provide reference for small and medium-sized investors, but also contribute to the regulation for the private placement behavior norms.
The shortcomings of this article are:
The way of private placement of Listed Companies in the transfer of benefits are grouped into three types, to further explore the private placement of Listed Companies in the transfer of benefits. Due to limited space, not on the operating performance of Listed Companies in the long-term analysis, can not determine whether it will cause more lasting against the interests of small shareholders.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】