Z公司定向增发过程中利益输送研究

发布时间：2018-03-16 21:58

本文选题：定向增发　切入点：利益输送　出处：《湘潭大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权分置改革以来,越来越多的公司采用定向增发来募集资金。定向增发具有发行要求比较低、发行流程简洁、可以自行承销、募集资金额度比较自由,同时还能实现企业集团整体上市,减少关联交易、同业竞争、关联方担保等不规范行为,引入战略投资者以实现双方资源共享等优点。定向增发已经成为了我国资本市场上进行再融资的主流方式。但是定性增发也是一把双刃剑,在给公司再融资带来便利的同时,也存在一系列的问题。由于我国上市公司的股权结构比较集中,大股东有机会通过支付较低的对价、注入不良资产等实现利益输送,同时定向增发还会导致公司利益在不同股东之间进行分配,这样给大股东侵占中小股东的权益提供了一条路径。文章首先对国内外有关定向增发与利益输送的相关研究进行了回顾,以信息不对称理论、委托代理理论以及定向增发中的利益输送行为为理论基础,结合Z公司向大股东进行定向增发的案例,分析和研究了大股东在定向增发中存在的利益输送行为。通过研究发现大股东在定向增发的过程当中主要是通过把握定向增发的时机把定向增发的定价控制在低位,在定向增发时获得较高的价格折扣率、在定向增发的过程当中进行盈余管理以及定向增发后派发高额的现金股利等这几种方式侵占中小股东的利益。同时在此基础上从财务的角度分析了此次定向增发对公司的影响,发现公司通过这次定向增发并没有改善公司财务状况。经过对大股东在定向增发中的利益输送行为分析以及经济后果分析得出,大股东在此次定向增发过程当中通过多种手段进行利益输送的结论。在文章的最后提出相关的建议和措施。首先是完善公司外部的相关机制,例如完善定价机制、加强对认购对象的监管、加强信息披露等;然后加强公司内部治理,例如要优化股权结构,引入战略投资者、加强内部控制、完善独立董事制度、加大对大股东的制衡等。
[Abstract]:Since the reform of split share structure, more and more companies have adopted additional issuance to raise funds. The issuance requirements are relatively low, the issuance process is simple, they can underwrite themselves, and the amount of funds raised is relatively free. At the same time, it can also realize the overall listing of enterprise groups, reduce related party transactions, interbank competition, related party guarantees, and other non-standard behaviors. The introduction of strategic investors in order to realize the sharing of resources between the two sides has become the mainstream way of refinancing in the capital market of China. But qualitative additional issuance is also a double-edged sword, which brings convenience to the refinancing of the company at the same time. There are also a series of problems. Because the equity structure of listed companies in China is relatively concentrated, major shareholders have the opportunity to realize the transmission of benefits by paying lower consideration, injecting non-performing assets, and so on. At the same time, it will also lead to the distribution of the company's benefits among different shareholders. This provides a way for large shareholders to encroach on the rights and interests of small and medium-sized shareholders. Based on the principal-agent theory and the behavior of interest transmission in the directional additional offering, combining the case of Z company to the large shareholders, This paper analyzes and studies the behavior of large shareholders in the process of private placement, and finds out that in the process of private placement, the main reason is to control the pricing of private placement at a low level by grasping the opportunity of private placement. A higher discount rate of price is obtained at the time of the directional additional offering, In the process of private placement, earnings management and the distribution of high cash dividends after the placement of additional shares encroach on the interests of small and medium-sized shareholders. On the basis of this, this paper analyzes the impact of the private placement on the company from the financial point of view. It was found that the company did not improve the financial situation of the company through the IPO. Through the analysis of the behavior of the major shareholders in the transmission of benefits in the IPO and the analysis of the economic consequences, The conclusion that major shareholders carry out interest transmission through various means in the process of this private placement. At the end of the article, the relevant suggestions and measures are put forward. First of all, it is to perfect the relevant mechanisms outside the company, such as perfecting the pricing mechanism. Then we should strengthen the internal governance of the company, such as optimizing the ownership structure, introducing strategic investors, strengthening the internal control, perfecting the independent director system and increasing the checks and balances on the large shareholders.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.72

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