中国市场上定向增发中机构投资的角色和利益输送研究

发布时间：2018-06-13 03:24

本文选题：操纵交易 + 信息创造　；参考：《中国科学技术大学》2014年硕士论文

【摘要】：股权分置改革之后,定向增发作为一种新的股权融资方式,一推出就受到了市场上的关注和青睐,逐步成为了中国资本市场上股权融资的主流方式。那么在定向增发中,机构投资者充当了什么的角色?他们是否有私人信息?如果有,能不能够利用私人信息获得更多更好的股票?定向增发中,是否存在利益输送行为? 文章重点回顾了定向增发和利益输送有关的研究,并在此基础上提出了我们的设想。文章选择了2008-2011年间的401个定向增发样本,并将机构投资者按照锁定期长短,将36月锁定期的划分为大股东及其关联方,将12个月锁定期的划分为金融机构投资者和非金融机构投资者,并分别进行了实证分析。研究结果显示,在定向增发中,12月锁定期的非金融和金融机构投资者配股比例越高,增发公司未来的收益就越低,增发的折扣也越低；而股东及其关联方配股比例越高,增发公司的未来收益就越高,增发的折扣也越高。文章的结论是,第一,相比大股东及其关联方,无论是非金融类还是金融类机构投资者在定向增发中都没有信息优势,不能在收益更好的公司的定向增发中获得更多的配股,而大股东及其关联方拥有信息优势,并且他们利用了这种优势来获得收益；第二,机构投资者没有利用定向增发的信息操纵股价,机构投资者获得配股越多,增发的折扣会越小,增发的价格越高。第三,机构投资者持有公司的股份越多,其增发的价格越高,这对中小股东是有利的。所以定向增发中,机构投资者的参与对于全体投资者来说都是有利的,而大股东及其关联方在定向增发中则完全充当了操纵交易的一种角色。第四,大股东及其关联方通过定向增发输送利益。
[Abstract]:After the reform of split share structure, as a new way of equity financing, directional additional issuance has attracted the attention and favor of the market, and has gradually become the mainstream way of equity financing in China's capital market. So what is the role of institutional investors in targeted placement? Do they have personal information? If so, can we use private information to get more and better stock? Is there a behavior of interest transmission in directional additional issuance? In this paper, we review the research of directional additional issuance and benefit transmission, and put forward our ideas. In this paper, 401 additional directional issuance samples were selected from 2008-2011, and institutional investors were divided into major shareholders and their related parties according to the length of lock period. The 12-month locking period is divided into financial institutional investors and non-financial institutional investors. The research results show that the higher the proportion of non-financial and financial institutional investors who issue additional shares in December, the lower the future earnings and the lower the discount of additional issuance, and the higher the proportion of shareholders and their related parties. The higher the company's future earnings, the higher the discount. The conclusions are as follows: first, compared with large shareholders and their related parties, both non-financial and financial institutional investors have no information advantage in private placement, and can not obtain more rights issues in the private placement of companies with better returns. Large shareholders and their affiliates have an information advantage, and they take advantage of this advantage to make a profit. Second, institutional investors do not manipulate stock prices by using the information of targeted placement, and the more institutional investors get a rights issue, the more they get a rights issue. The smaller the discount, the higher the price. Third, the more institutional investors hold shares in the company, the higher the issue price, which is beneficial to minority shareholders. Therefore, the participation of institutional investors is beneficial to all investors, while the majority shareholders and their related parties play a role in the manipulation of the transaction. Fourth, the major shareholders and their related parties through the directional distribution of additional transmission of benefits.
【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.39

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