定向增发、代理冲突与中小投资者保护

发布时间：2018-06-03 08:37

本文选题：证券市场 + 定向增发　；参考：《金融理论与实践》2012年04期

【摘要】：以2006—2010年上市公司定向增发事件为样本,系统研究了定向增发过程中大股东对中小投资者的利益侵害问题。实证研究发现:面向大股东发行的折价率最高,面向大股东和机构投资者发行的折价率居中,面向机构投资者发行的折价率最低。大股东通过定向增发提高了股权集中度,进一步巩固了控制权地位,通过低价发行侵占了中小投资者权益。降低大股东的认购比例、降低资产认购比例、降低增发后与增发前股权集中度之差、减少增发规模、提高公司规模可以有效地制衡大股东在定向增发过程中侵害中小投资者的程度。提高增发前的股权集中度、聘请"十大"券商作为主承销商、改善治理环境、实际控制人为国有机构都没有起到约束大股东进行利益侵占的作用。
[Abstract]:Taking the listed companies' private placement events from 2006 to 2010 as samples, this paper systematically studies the interest infringement of large shareholders on small and medium investors in the process of private placement. The empirical study shows that the discount rate for large shareholders is the highest, the discount rate for large shareholders and institutional investors is the middle, and the discount rate for institutional investors is the lowest. The majority shareholders increase the concentration of equity through directional issuance, further consolidate the status of control, and encroach on the rights and interests of small and medium-sized investors through low price issuance. Reducing the subscription ratio of major shareholders, reducing the proportion of asset subscription, reducing the difference between the degree of concentration of equity after and before the issuance of additional shares, and reducing the scale of additional issuance, Increasing the size of the company can effectively counterbalance the extent to which the large shareholders encroach on the small and medium investors in the process of directional issuance. To improve the concentration of stock right before issuing, to employ "ten" securities companies as the main underwriters, to improve the governance environment, and to control the state-owned institutions have not played the role of restricting the major shareholders to encroach on the interests of the major shareholders.
【作者单位】：广东金融学院保险系;广东省科技干部学院经济管理学院;广东金融学院金融系;
【基金】：2011年国家自然科学基金青年项目“金融创新收益独占性问题研究”(71103045)
【分类号】：F832.51

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