定向增发注入资产相关性与大股东认购比例及其公司绩效

发布时间：2018-01-29 12:30

本文关键词： 定向增发资产注入大股东认购股份公司绩效　出处：《当代财经》2017年02期 　论文类型：期刊论文

【摘要】：上市公司定向增发新股注入资产中的利益输送问题已经成为社会普遍关注的热点问题。以2008年1月1日至2013年12月31日期间我国沪深两市实施了定向增发新股资产注入的上市公司作为样本,实证检验定向增发注入资产的相关性与大股东认购比例及其公司绩效的关系,研究发现,当定向增发新股注入的资产与增发公司原有资产的相关性越强时,大股东认购本公司定向增发股份的比例越高。大股东在公司的持股比例的进一步提高有利于强化大股东对上市公司的控制权,能更好地发挥大股东对经理人的监督作用,从而降低经理人代理成本和提高资产注入后公司的绩效。因此,投资者、证券监管部门都应该重视定向增发注入资产的质量,切实保护投资者的利益。
[Abstract]:It has become a hot issue for the society to pay close attention to the problem of the transfer of benefits in the assets injected by the listed companies. From January 1st 2008 to December 31st 2013, the Shanghai and Shenzhen stock exchanges were implemented in our country. The targeted issuance of new equity assets injected into the listed companies as a sample. Empirical test of the relationship between the relationship between the equity injection and the subscription ratio of the majority shareholders and the performance of the company, the study found that the stronger the correlation between the assets injected with the new shares and the original assets of the issuance company. The higher the proportion of large shareholders subscribing for the additional shares of the company, the greater the proportion of large shareholders holding shares in the company is conducive to strengthening the control rights of large shareholders to listed companies. It can play a better role in supervising the manager by the large shareholders, thus reducing the agent cost of the manager and improving the performance of the company after the assets are injected. Therefore, the investor. The securities regulatory authorities should attach importance to the quality of the injection of assets and protect the interests of investors.
【作者单位】：江西财经大学会计发展中心/会计学院;
【基金】：国家自然科学基金项目“地方国有上市公司定向增发资产注入动机及经济后果研究”(71262004)
【分类号】：F832.51
【正文快照】： 一、引言股权分置改革之后,上市公司通过定向增发新股进行资产收购成为了学术界研究的热点问题。然而,现有关于我国上市公司定向增发新股收购资产的研究主要集中在定向增发注入资产利益输送方面的研究,并且学者们发现我国上市公司通过定向增发新股注入资产向控股股东进行利

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