YHJF定向增发与大股东利益输送研究

发布时间：2018-01-08 07:06

本文关键词：YHJF定向增发与大股东利益输送研究　出处：《广西大学》2013年硕士论文　论文类型：学位论文

【摘要】：自从2006年5月8日《上市公司证券发行管理办法》正式颁布以来,定向增发迅速受到上市公司的追捧,目前已经成为我国上市公司最主要的股权再融资方式。在新的市场环境下,定向增发、关联交易、资产并购和整体上市极易联系在一起。虽然,上市公司通过定向增发可以减少关联交易、减少同业竞争或是扩大公司规模,但是,定向增发同时具有发行条件较为宽松的特点,在我国上市公司一股独大的股权结构背景之下,常常会出现大股东损害中小股东利益的问题。因此本文研究的重点为上市公司定向增发过程中大股东的利益输送行为。文章选取YHJF定向增发案例作为研究对象。首先对国内外定向增发和利益输送及它们之间关系的相关文献进行回顾和评述；然后,在对案例进行介绍的基础上,通过分析YHJF定向增发的定价、定增发过程中注入资产质量和定向增发前后公司股票的市场表现来判断大股东是否利用定向增发实现了利益输送,并由此探究产生定向增发过程中利益输送问题的危害和原因；最后得出结论和启示。通过对YHJF进行案例研究,本文得到如下结论：YHJF的大股东先通过前借壳上市提高估值水平,再运用盈余管理方式来影响YHJF的业绩利润,又利用长期停牌,等待时机复牌的时机发布利空信息等操纵定价的手段,以获得更多新增股份；在定向增发过程中大股东注入低于原YHJF资产质量的资产,以质量较低的资产换取质量较高的资产。最终,大股东实现了对自身的利益输送,损害了中小股东的利益。研究本案例得到的启示在于监管部门应当加强发行监管以改进定向增发定价机制。如此才能最大程度减少大股东利益输送行为,保护中小投资者利益,维护我国证券市场的公平公正。
[Abstract]:Since May 8, 2006, "the issuance of securities of listed companies management approach" was formally promulgated, the private placement of listed companies has been rapidly pursued, has now become the listed company of our country the main way of equity refinancing. In the new market environment, the private placement, related transactions, asset acquisition and overall market easily together. Although. Listed companies through private placement can reduce the related transactions, reduce competition or expand the size of the company, but also has the characteristics of private placement issuance conditions are more relaxed, in the listed company of our country shareholder equity structure background, often there will be big shareholders to damage the interests of small shareholders problems. Therefore the focus of this paper for listed companies' private placement process of large shareholders tunneling.
This paper selects YHJF placement as a case study. Review and comment on the related literature at home and abroad on the relationship between the first directional issuance and transfer of benefits and their; then, based on case are introduced, through the analysis of the YHJF private placement pricing, set the placement process into the company's stock market performance after issuance of asset quality and directed to judge whether large shareholders use private placement to achieve a transfer of benefits, and thus explore the harm and reason of the problem of transfer of benefits in the process of the private placement; finally draws the conclusion and enlightenment.
Through the case study of YHJF, the paper gets the following conclusions: first, the major shareholder of YHJF through the backdoor listing to improve the valuation, then use earnings management to affect YHJF performance and profits, the use of long-term suspension, resumption time waiting for an opportunity to manipulate pricing means bad information, to get more new shares; in in the process of the private placement of large shareholders into the original YHJF less than the quality of assets, in exchange for higher quality assets with low quality assets. Finally, large shareholders realize their own interests conveying, damage the interests of small shareholders.
The inspiration from this case is that regulatory authorities should strengthen the issuance supervision to improve the pricing mechanism of private placement, so that we can minimize the interest transfer behavior of large shareholders, protect the interests of small and medium-sized investors, and maintain equity and justice in China's securities market.

【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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