我国上市公司定向增发的财富转移研究

发布时间：2018-03-11 22:26

  本文选题：定向增发　切入点：财富转移　出处：《华南理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：定向增发也叫非公开发行，是指上市公司采用非公开方式，向特定对象发行股票的行为。在股权分置改革之前，我国上市公司权益再融资方式主要是配股、公开增发；股权分置改革之后，定向增发凭借“一简三低”的优势一度成为上市公司最受青睐的权益再融资方式，并在近几年得到迅速发展，无论在增发数量还是融资规模上都取得惊人成绩。可以说，股权分置改革的成功为定向增发的实施提供了制度动因和有力保证。但目前我国关于定向增发的相关法律法规不够健全，制度缺陷为大股东在定向增发过程中进行财富转移提供了“温床”。那么，现实中大股东控制下的定向增发是否存在财富转移？如果存在，又是通过怎样的途径进行财富转移？在财富转移过程中如何更好地保护中小股东利益？这些问题都是值得人们思考和关注的。 本文选取2008年至2010年间我国成功实施定向增发的250家沪深A股上市公司作为研究样本，，对我国上市公司定向增发的财富转移进行研究。首先介绍研究背景，提出本文所要研究的问题，整理国内外文献，阐述研究思路和研究方法，为本文的研究打下基础。其次，对定向增发的制度背景、发展历程和我国上市公司定向增发的融资现状进行分析。再次，利用事件研究法和回归分析法对我国上市公司定向增发的财富转移存在性进行检验。最后，考察了定向增发的财富转移途径。 本文研究发现：（1）大股东认购定向增发新股比例大于其增发前所持上市公司股份比例时的市场反应弱于大股东认购定向增发新股比例小于其增发前所持股份比例时的市场反应，说明定向增发过程中存在财富转移；（2）大股东完全认购定向增发新股时，定价基准日前会出现股价表现弱于大盘的情况，即超额收益为负，这说明存在大股东进行财富转移的可能；（3）大股东完全认购定向增发新股时的折价水平最高，大股东不参与认购时的折价水平最低，而且存在显著的组间差异，即上市公司大股东在定向增发中可能利用定向增发折价进行财富转移；（4）财富转移（即大股东认购定向增发新股比例与其在定向增发前所持上市公司股份比例之差）与定向增发折价水平显著正相关；（5）大股东采用资产方式认购定向增发新股时的市场反应要弱于非资产方式认购时的市场反应。总之，在定向增发过程中，大股东会通过操纵折价和利用资产认购进行财富转移。
[Abstract]:Directional additional issuance, also called private issuance, refers to the behavior of a listed company issuing shares to a specific target in a non-public manner. Before the split share structure reform, the main way of refinancing the rights and interests of listed companies in our country is rights issue, public issuance; After the split share structure reform, directional additional issuance, with the advantage of "one simple, three low", once became the most popular way of refinancing the rights and interests of listed companies, and developed rapidly in recent years. Both in terms of the number of additional offerings and the size of the financing, they have achieved amazing results. The success of the reform of split share structure has provided the system motivation and powerful guarantee for the implementation of the directional additional offering, but the relevant laws and regulations of our country about the directional additional offering are not perfect at present. Institutional defects provide a "hotbed" for the wealth transfer of large shareholders in the process of directional issuance. So, is there wealth transfer under the control of large shareholders in reality? If so, what are the ways to transfer wealth? How to better protect the interests of minority shareholders in the process of wealth transfer? These problems are worthy of people's consideration and attention. This paper selects 250 Shanghai and Shenzhen A-share listed companies from 2008 to 2010 as the research sample to study the wealth transfer of China's listed companies. First, it introduces the research background. Put forward the problems to be studied in this paper, collate the domestic and foreign literature, elaborate the research ideas and research methods, lay the foundation for the research of this paper. Secondly, the system background of directional additional issuance, Thirdly, using event research method and regression analysis method to test the existence of wealth transfer of listed companies in China. The way of wealth transfer is investigated in this paper. In this paper, we find that the market reaction when the proportion of large shareholders subscribing for the new shares of the listed company before the IPO is larger than the proportion of the shares held by the listed companies before the issuance is weaker than the market reaction when the proportion of the large shareholders subscribing for the new shares is smaller than the proportion of the shares held before the issuance of the new shares. It shows that when there is wealth transfer in the process of IPO, when the majority shareholders subscribe for the new shares, the performance of the stock price will be weaker than that of the market before the benchmark day of pricing, that is, the excess return will be negative. This shows that there is a possibility of wealth transfer by large shareholders. The discount level of large shareholders is the highest when they fully subscribe for the new shares, and the discount level of large shareholders is the lowest when they do not participate in the subscription, and there are significant differences between groups. That is, the majority shareholders of a listed company may use the discount of directional additional offering to carry out wealth transfer / transfer (that is, the difference between the proportion of new shares subscribed by large shareholders and the proportion of shares held by listed companies before the IPO). ) A significant positive correlation with the discount level of a directional additional offering is noted. (5) the market response of the majority shareholders when they subscribe for the new shares by way of assets is weaker than the market response when the shares are subscribed in a non-asset-based manner. In the process of directional issuance, large shareholders will transfer wealth by manipulating discounts and using asset subscriptions.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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