上市公司定向增发的公告效应与利益输送研究

发布时间：2018-08-06 19:03

【摘要】：定向增发是指上市公司向控股股东、机构投资者等特定投资者发行新股,以募集项目建设资金。作为一种重要的企业再融资方式,定向增发在我国资本市场中的实践历史迄今已超过七年。然而,由于国内上市公司治理结构缺陷、相关监管法规不健全等原因,例如,定价基准日的模糊规范、增发价格的基准日股价“九折规定”等,导致定向增发过程中可能存在某种形式的利益输送：控股股东基于自身利益最大化的诉求,有动机操纵股票价格以达到低价认购增发新股的目的。这一潜在的利益输送行为显然将有损中小股东的利益,并导致投资者的福利转移。本文基于定向增发董事会公告这一信息事件,手工收集了自定向增发实施以来各年的样本,利用经典的事件研究法(event study)对定向增发过程中的潜在利益输送行为进行了实证研究。我们的研究发现：(1)基于总体样本,定向增发董事会公告前[一60,0]的事件窗累积异常收益总体呈现下跌趋势,暗示上市公司股价遭到人为打压,以达到压低定增基准价格的目的；(2)基于分类样本的检验表明,仅向控股股东的定向增发董事会公告前事件窗累积异常收益显著低于混和定增和仅向机构投资者定增方式,进一步证明控股股东为寻求更低的定增基准价格,倾向于人为打压股票二级市场价格。更进一步,本文还研究了定增股解禁的市场效应,发现控股股东所获增发新股上市溢价率显著高于其他机构投资者,这也从另一个侧面表明上市公司定增过程中存在向控股股东进行利益输送的行为。本文的研究不但有助于帮助投资者制定更合理的针对定向增发的投资策略,而且为证券监管当局规范定向增发,减小利益输送及保护投资者利益提供了有益的借鉴。
[Abstract]:The directional addition means the listed companies issue new shares to the controlling shareholders, institutional investors and other specific investors to raise funds for project construction. As an important enterprise refinancing way, the practice history of the directional addition in China's capital market has been over seven years. The rules are not sound, for example, the fuzzy specification of the benchmark date, the "ten percent off regulations" of the price benchmark day, which may lead to a certain form of benefit delivery in the process of the directional increase: the controlling shareholder is based on the demand of the maximization of its own interests, and has the motive to exercise the stock price to subscribe for the new share of the new stock. This potential transfer of interest will obviously damage the interests of minority shareholders and lead to the welfare transfer of investors.
In this paper, based on the information event of the directorate board announcement, this paper manually collected samples of each year since the implementation of the self fixed increase, and used the classical event study method (event study) to carry out an empirical study on the potential benefit delivery behavior during the directional addition process. Our research found that (1) the directorate will be directed to the directorate based on the overall sample. Before the announcement, the cumulative abnormal returns of the event window of a 60,0] showed a downward trend in general, suggesting that the stock price of the listed companies was suppressed artificially to achieve the goal of reducing the benchmark prices. (2) the test based on classified samples showed that the cumulative abnormal returns of the Directorate of the Directorate only to the controlling shareholders were significantly lower than that of the mixture. Increase and only to institutional investors to increase the way to further prove that the controlling shareholders to seek lower benchmark prices, tend to artificially suppress the two level of the stock market price. Further, this paper also studied the market effect of increasing the ban on the increase of shares, and found that the premium rate of the new shares issued by the controlling shareholders was significantly higher than that of other institutional investors. This also shows that there is a profit transfer from controlling shareholders to listed companies in the process of fixed increase.
This study not only helps investors to make more reasonable investment strategies for directional increase, but also provides a useful reference for the regulation of the securities regulatory authorities to standardize the issuance, reduce the benefits and protect the interests of investors.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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