凯迪电力利益输送案例分析

发布时间：2018-03-22 06:20

本文选题：利益输送　切入点：定向增发　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司向大股东进行利益输送的方式有很多种。其中，定向增发这种方法就是其一。大量实证研究表明，许多不健全的资本市场上存在股权过度集中在大股东手中的现象，，并受大股东支配。此外，这方面的法律规章制度还不够完善，市场监管机制还不够成熟，这就导致上市公司日常运营的集团化构建问题、缺乏透明度问题、关联交易盛行等等一系列问题，这就为大股东通过定向增发进行利益输送提供了打造了“良好”的环境。在我国的资本市场上，大股东从上市公司进行利益输送显现越来越重要，也越来越受到大股东的青睐。同样，因为定向增发是比较新鲜的事物，关于定向增发的规章制度以及法律法规还并不完善，这就给母公司等大股东留下了利益输送的余地。因此，在从国外输入一种成熟的融资模式时，要注意这种新的融资模式是否能和我国的资本市场相融合，如何能快速地、健康地分配在我国的资本市场中，满足“中国特色社会主义金融市场”的需求。这篇文章所要研究的主题，是凯迪电力通过定向增发向大股东输送利益，本文通过案例分析给予我国定向增发的监管者们提供一些监管上的思路。凯迪电力的母公司是凯迪控股。并且凯迪控股是凯迪电力的第一大股东。这就决定了凯迪控股的控制权地位。也为凯迪控股的利益输送行为奠定了夯实的基础。文章介绍了凯迪电力向凯迪控股进行利益输送的三个不同途径，分别是：低价增发、通过各种手段抬高股价再转让股权、通过注入不良资产进行套现。这三种途径通过定向增发成功地实现了利益输送。同时这也严重地侵害了凯迪电力中小股东的利益，严重破坏了我国资本市场上的监管秩序，同时给我国资本市场上的相关监管者带来了很大的麻烦。通过对案例的研究，分析出凯迪电力向凯迪控股进行利益输送的关键问题。从案例反映出的主要问题出发，提出四个可行的、有针对性的对策建议。
[Abstract]:There are many ways for listed companies to convey their interests to large shareholders. Among them, the method of directional placement is one of them. A large number of empirical studies have shown that there is a phenomenon of excessive concentration of equity in the hands of large shareholders in many unsound capital markets. And under the control of major shareholders. In addition, the laws and regulations in this respect are not perfect, and the market supervision mechanism is not mature enough, which leads to the problem of collectivization of the daily operations of listed companies and the lack of transparency. The prevalence of related party transactions and a series of problems, which provide a "good" environment for the major shareholders to carry out the transfer of benefits through the targeted issuance. In the capital market of our country, It is becoming more and more important for large shareholders to carry out interest transmission from listed companies, and it is also becoming more and more popular with major shareholders. Similarly, because directional additional issuance is relatively new, the rules and regulations and laws and regulations on directional additional issuance are not yet perfect. This leaves room for major shareholders, such as the parent company, to transfer benefits. Therefore, when importing a mature financing model from abroad, we should pay attention to whether this new financing model can be integrated with the capital market of our country and how it can be quickly integrated. Distribute healthily in the capital market of our country, satisfy the demand of "socialist financial market with Chinese characteristics". The theme of this paper is that Cady Electric Power conveys the benefits to the major shareholders through the directional additional offering. This paper provides some ideas on supervision to the regulators of the directional additional issuance in our country through the case study. The parent company of Cady Power is Cady Holdings, and Cady Holdings is the largest shareholder of Cady Power. This determines the controlling position of Cady Holdings. It also lays a solid foundation for the behavior of Kadi Holdings' interest transmission. The article introduces three different ways for Cady electric power to carry out profit transmission to Cady Holdings. They are: offering additional shares at a low price, raising the stock price by various means and transferring the shares again, Through the injection of non-performing assets to cash out. These three ways have successfully realized the transmission of benefits through targeted additional issuance. At the same time, this has seriously infringed on the interests of the minority shareholders of Cady Electric Power, and seriously damaged the regulatory order in the capital market of our country. At the same time, it brings a lot of trouble to the relevant regulators in the capital market of our country. Through the case study, the paper analyzes the key problem of the Kadi Electric Power carrying out the profit transmission to the Cady holding Company. From the main problems reflected in the case, Put forward four feasible, targeted countermeasures and suggestions.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F406.7

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