我国上市公司定向增发折价研究——基于较完整市场周期的分析

发布时间：2018-12-13 07:24

【摘要】：现有关于定向增发折价的研究均以2007年11月之前牛市期间增发公司为样本,样本量较小,本文以我国2006年5月至2008年底包含较完整市场周期间定向增发上市公司为样本,以更为科学的折价衡量方法研究发现,定向增发股票的折价较高。且控股股东和关联股东参与认购时,定向增发股票的折价率显著高于非控股股东和关联股东认购组,控股股东认购比例越高,折价率越高,大股东通过高折价转移财富的动机越强;当大股东认购比例与原持股比例差额越大时,折价率越高,大股东的利益输送程度越高。不过,只有当市场行情较好时控股股东和关联股东才能通过定向增发顺利实现其利益输送和财富转移的目的。
[Abstract]:The existing researches on the discount of directional additional offering are based on the sample of the additional offering company during the bull market period before November 2007, and the sample size is relatively small. This paper takes the listed company of directional additional offering as the sample from May 2006 to the end of 2008, which includes a more complete market week. The research of more scientific discount measurement method shows that the discount of directional additional offering stock is higher. When the controlling shareholder and the associated shareholder participate in the subscription, the discount rate of the directional additional issue stock is significantly higher than that of the non-controlling shareholder and the affiliated shareholder group. The higher the subscription ratio of the controlling shareholder is, the higher the discount rate is. The greater the incentive for large shareholders to transfer wealth through high discounts; When the difference between large shareholder subscription ratio and original shareholding ratio is larger, the discount ratio is higher, and the benefit transmission degree of large shareholder is higher. However, only when the market is better, the controlling shareholders and associated shareholders can smoothly achieve their profit transmission and wealth transfer purposes through the targeted issuance.
【作者单位】：北方工业大学经济管理学院;
【基金】：国家社会科学基金项目“全球化条件下的流动性过剩理论及其对中国的启示”(07CGJ006) 北京市优秀教学团队项目“会计学专业系列课程教学团队”PHR200907203) 学科与研究生教育——工商管理(一级学科PXM2009_014212_078362)
【分类号】：F832.51

【共引文献】