机构投资者对定向增发折价率的影响研究

发布时间：2018-01-15 21:31

本文关键词：机构投资者对定向增发折价率的影响研究　出处：《浙江财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2006年证监会颁布《上市公司证券发行管理办法》以来，我国上市公司定向增发融资金额呈爆发式增长，定向增发成为近几年我国A股上市公司股权再融资最重要的手段。由于定向增发具有诸多优势，受到上市公司和机构投资者的青睐。相比配股和公开发行，定向增发不仅发行程序简单、融资门槛及发行费用较低，能够快速募集资金和置换资产，而且还可以为上市公司引入战略投资者或实现整体上市的目的。在定向增发的案例研究中，各国均发现定价折价率是普遍存在的。国内外研究表明，由于受流动性、监管成本、信息不对称、发行对象等因素的影响，折价率的存在是正常的。中国证监会规定，定向增发价格不得低于定价基准日前20个交易日公司股票平均价格的90%，即折价率为10%，但根据国内外相关研究表明私募发行的折价率均超过了20%，个别案例的折价率甚至达到了80%，如此高的折价率不仅会侵害原有股东的合法权益，同时也会影响证券资本市场的稳定。同时我们时常能在定向增发认购对象中发现机构投资者，特别是近几年我国机构投资者发展迅速，QFII、中外合资的投资基金和证券公司也参与到我国的定向增发认购当中。机构投资者相比于其他投资者，其在资本规模、专业化水平和信息收集能力上有着很大的优势。之前已有文献研究了机构投资者对折价率的影响，得出的结论均为当机构投资者参与定向增发认购时，其折价率较低，但之前的研究只将是否有机构投资者参与作为研究变量之一，并未详细深入研究其认购比例，机构类型等细分因素的影响。笔者根据代理理论和信息不对称理论，同时结合机构投资者参与公司治理的有关文献，从机构投资者的角度出发，研究其对定向增发折价率的影响。本文以2011年和2012年成功完成非公开发行的A股上市公司为样本，研究机构投资者对折价率产生了怎样的影响。根据发行对象和监督效应假说，机构投资者参与定向增发能在一定程度上减少大股东进行利益输送的风险，同时促进认购者之间的竞争，提高了定向增发的定价，实现了监督大股东的目的，从而在很大程度上维护了自身和中小股东的利益。根据公司治理理论，机构投资者持股能够改善公司治理结构，能对公司的再融资行为产生监督效应。因此本文将机构投资者在定向增发前的持股比例和认购的定向增发股份比例作为研究因素。根据管理者防御假说，在上市公司进行定向增发时，大股东为避免对外发行股份而引起的控制权分散问题，其倾向于将股份出售给关系密切的机构投资者，这类与大股东关系密切的机构投资者通常不会参与公司的管理和监督，以便于大股东控制企业。本文根据机构投资者的异质性，将机构投资者分为不同类型，研究不同类型机构投资者参与定向增发时会对折价率产生怎么样的影响。确定各解释变量后，本文通过构造多元线性回归模型对提出的假说进行检验。经实证分析得出以下结论：（1）机构投资者参与上市公司定向增发时，折价率降低；（2）上市公司定向增发前机构投资者持股比例越大，定向增发折价率越低；（3）消极型机构投资者参与定向增发则会提高定向增发折价率；(4）证券公司或保险公司参与定向增发会提高定向增发折价率，而中外合资投资基金参与认购，，则会降低定向增发折价率。本文比较详细地分析了机构投资者对定向增发折价率的影响，对投资者、上市公司以及证券监管部门的决策具有非常积极的意义。
[Abstract]:Since 2006 the Commission promulgated the "administrative measures for the issuance of securities of listed companies", China's Listed Companies in the private placement financing amount was the explosive growth, private placement has become in recent years, China's A shares of equity refinancing of listed companies is the most important means. Because the private placement has many advantages, by the listed companies and institutional investors. Compared to the allotment and public offerings, private placement is not only a simple procedure, low cost and financing threshold issue, can quickly raise funds and replacement of assets, but also the introduction of strategic investors to the listed company or the whole stock market. In the case of private placement in all countries found that the discount rate is the common pricing. The domestic and foreign research shows that due to liquidity, regulatory costs, asymmetric information, influence factors such as the issue of the object, there is the discount rate is normal. The China Securities Regulatory Commission Provisions of the private placement price of 90% or 20 trading days the stock price is lower than the average of the pricing benchmark, the discount rate was 10%, but according to the domestic and foreign related research shows that the private placement discount rate was more than 20%, the individual case of the discount rate even reached 80%, such a high discount rate is not only against the original the legitimate rights and interests of shareholders, but also affect the stability of the capital market securities. At the same time, we can often find the institutional investors in private placement subscription object, especially institutional investors in our country has developed rapidly in recent years, QFII, Sino foreign joint venture investment funds and securities companies are also involved in the issuance of the subscription oriented institutional investors. Compared to other investors, the capital scale, professional level and information collection ability has a great advantage. Before the existing literature on the impact of institutional investors on the discount rate. The conclusion is, when institutional investors in private placement subscription, the discount rate is low, but in the previous study, only whether institutional investors to participate in the study as one of the variables, not with the in-depth study of the impact of institutional subscription ratio type subdivision factors. According to the agency theory and information asymmetry theory, related literature at the same time combined with the institutional investors to participate in corporate governance, starting from the perspective of institutional investors, to study the influence of SEO discount rate on the orientation.
In 2011 and 2012 the successful completion of the non-public offering of A shares of listed companies as the sample of institutional investors has what influence the rate of discount. According to the issue and supervision effect hypothesis, institutional investors in private placement can to some extent reduce the risk of transfer of benefits to large shareholders, while promoting the competition between subscribers and improve the private placement pricing, to achieve the purpose of supervision of large shareholders, so as to maintain their own interests of minority shareholders and to a great extent. According to the theory of corporate governance, institutional investors can improve corporate governance structure, can affect the company's Refinancing Behavior supervision effect. So this paper will orientation of institutional investors in stock the proportion of private placement and before the issuance of the subscription shares as the research factors. According to the management entrenchment hypothesis, private placement of listed companies When large shareholders to avoid foreign shares and control rights caused by the dispersion problem, which tend to be sold to the close relationship between institutional investors, this kind of relationship between large shareholders and institutional investors are usually not closely involved in the management and supervision of the company, in order to facilitate the large shareholder control of enterprise. According to the heterogeneity of institutional investors institutional investors, will be divided into different types, different types of institutional investors in private placement will produce what kind of influence on the discount rate. The explanatory variables, this paper establishes a regression model to test the hypothesis.
Through empirical analysis the following conclusions: (1) institutional investors to participate in the private placement of listed companies, the discount rate decreased; (2) the private placement of listed companies before the proportion of institutional investors holding more private placement discount rate is low; (3) the negative type of institutional investors in private placement will increase the private placement discount rate; (4) the securities company or insurance companies to participate in the private placement will improve the private placement discount rate, and joint investment funds to participate in the subscription, it will reduce the private placement discount rate. The paper analyzed in detail the influence of institutional investors on the orientation, the additional discount rate for investors, has a very positive meaning of listed companies and the securities regulatory authorities the decision.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F276.6

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