大股东持股对上市公司定向增发折价的影响研究

发布时间：2018-01-14 00:14

本文关键词：大股东持股对上市公司定向增发折价的影响研究　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：自股权分置改革以来，定向增发由于融资门槛低，发行费用少，发行程序比较简便等优点，日益受到上市公司和机构投资者的青睐，逐渐发展成为我国上市公司股权再融资的重要方式之一，特别是在大股东参与定向增发新股认购的情况下，定向增发一般以折价的方式进行，且其发行折价明显高于没有大股东参与认购时的发行折价；因此，相关研究认为，我国上市公司定向增发中存在着大股东侵害中小股东利益的现象。本文首先回顾了近几年关于上市公司定向增发的研究背景及研究进度，发现从大股东角度研究定向增发的比较少，而从大股东持股角度研究定向增发折价的几乎没有，本文拟从大股东持股角度研究其与定向增发折价的关系。众所周知，大股东作为理性经济人，都是为了实现自身利益的最大化，笔者基于以往有关定向增发折价的相关理论，试图从大股东持股角度探索其是否与定向增发折价有关，从而得出两者的关系，由于上市公司实施定向增发时发行对象通常有名额限制，一般中小股东通常难以认购定向增发的股份，因此，笔者就推论大股东可能通过认购定向增发新股时产生的折价现象侵害中小股东利益。自2006年我国颁布相关法律法规对定向增发予以具体规定后，，这种融资方式得以迅速发展，上市公司采用定向增发进行融资的公司越来越多，本文选取2006-2013年实施定向增发的上市公司为样本，通过实证分析得出了以下结论：（1）上市公司实施定向增发前，第一大股东持股比例与定向增发折价率呈负相关，股权集中度与定向增发折价率具有负相关性；（2）大股东参与新股认购会使得定向增发折价率偏高，而且其参与度越深，即认购新股比例越多，定向增发折价率越大；（3）大股东持股比例增加，即通过定向增发认购新股的数量高于其原持股比例，定向增发折价率也会越大；（4）大股东认购定向增发新股所选择的支付方式与定向增发折价有明显关系。通过研究发现，本文的实证结果支持了文中的研究假设，另外笔者从公式说明了大股东通过定向增发转移财富的原理，并通过回归分析得以验证，说明了大股东在定向增发过程中存在着借助定向增发为工具，通过定向增发新股的折价现象侵害中小股东利益，最后在理论和实证基础上提出了本文的研究结论，本文的研究结论不仅对投资者正确认识定向增发具有一定的借鉴意义，也有助于相关部门及监管机构制定定向增发原则，从而可以减少大股东侵害中小股东利益的现象发生，保证定向增发的有效性和客观性，对我国上市公司定向增发的健康发展具有重要的现实意义。
[Abstract]:Since the reform of non tradable shares, private placement financing due to the low threshold, issuance costs less, the publisher is relatively simple and other advantages, has been listed companies and institutional investors, has become one of China's listed companies are an important way of financing, especially in the large shareholders to participate in the private placement IPO case the private placement discount to a general way, and the discount was significantly higher than that of no major shareholders to participate in the subscription of the discount; therefore, the related research believes that the private placement of Listed Companies in China there are large shareholders against the interests of small shareholders. This paper reviews the recent years about the private placement of listed companies on the background and the research progress, found from the major shareholders perspective of private placement is relatively small, from the largest shareholder of private placement discount almost no, this This paper is to study the relationship between the large shareholders' stock holding and the discount price.
As everyone knows, large shareholders as a rational economic person, is to maximize their own interests, the theory of the private placement discount based on the attempt to explore whether the relevant and private placement discount from large shareholders perspective, so that the relationship between the two, because the private placement of listed companies to implement the issue of object usually quota in general, small shareholders are often difficult to subscribe for shares in the private placement, therefore, the discount phenomenon produced by large shareholders may subscribe that private placement of new shares is against the interests of small shareholders. Since 2006 China promulgated relevant laws and regulations on the private placement of specific provisions, this kind of financing way to the rapid development of the private placement of listed companies more and more companies financing, this article selects the 2006-2013 implementation of the private placement of listed companies as samples, through Certificate of analysis reached the following conclusions: (1) the implementation of the private placement of listed companies, the proportion of the first largest shareholder and the private placement is negatively related to the discount rate, the ownership concentration has negative correlation with the private placement discount rate; (2) the large shareholders to participate in the subscription of new shares will make the private placement discount rate is high, and the degree of participation that is more deep, more proportion of subscription of new shares, private placement discount rate increases; (3) increase the proportion of large shareholders, namely the private placement through the number of IPO is higher than that of the original stake, the private placement discount rate will be larger; (4) major shareholders to subscribe for the private placement choice of payment and orientation the discount has obvious relationship.
The study found that the empirical results support the hypothesis of the research in this paper, the author explains the principle of large shareholders through the transfer of wealth from the additional directional formula, and verified by regression analysis, the major shareholder in the private placement process exists with the private placement as a tool, through the discount of private Placement Shares against the phenomenon the interests of small shareholders, finally in the theoretical and empirical basis, this paper put forward the research conclusion, the conclusion of this research not only on the correct understanding of investor orientation has certain reference significance to the issuance, also contribute to the relevant departments and regulatory agencies to develop private placement principle, which can reduce the occurrence of major shareholders against the interests of small shareholders, to ensure the effective of the private placement and objectivity, has important practical significance to the healthy development of China's listed companies private placement.

【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F271

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