定向增发中大股东操纵行为识别及监管研究

发布时间：2018-02-13 22:44

本文关键词： 定向增发资产注入操纵行为监管　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：定向增发是目前倍受上市公司青睐的股权再融资方式,是企业重要筹资手段之一。定向增发不仅能够拓宽企业的筹资渠道,还在改善企业经营治理现状方面发挥了积极作用。伴随着资本市场的发展步伐,定向增发中上市公司大股东操纵行为逐渐受到学者的重视,特别是大股东操纵资产注入、操纵利润和操纵增发价格行为。上市公司大股东利用其控制权优势掌握更多信息,从而对其他股东权益构成侵害,其隐蔽性也给投资者和监管部门的识别造成一定阻碍。因此,如何识别注入资产质量优劣、大股东操纵利润行为和操纵股价行为,从而确定是否存在大股东操纵行为,已成为证券市场的监管机构和投资者们普遍关注的问题。本文首先对定向增发的概念及理论基础作以阐述,包括定向增发中大股东不同操纵行为的概念界定。然后,从定向增发中大股东注入资产质量优劣识别分析、操纵利润行为识别分析和操纵增发价格识别分析三方面分别进行实证研究,分别提出了溢价后的注入资产预期收益率、可操纵应计利润和累计平均超额收益率作为大股东操纵行为的识别指标,并运用不同的识别方法,判定研究样本是否存在大股东操纵行为。最后,针对不同的大股东操纵行为提出了相应的监管对策。上市公司定向增发过程中大股东操纵行为识别的研究结论及监管对策的提出,有利于中小股东准确识别上市公司大股东操纵行为,利于上市公司完善内部治理结构。此外,对于证券监管部门强化对定向增发中利益输送行为的整治和对资本市场长远可持续发展都具有较为积极的意义。
[Abstract]:As one of the most important means of raising funds, directional placement is a popular way of equity refinancing for listed companies, and it can not only broaden the financing channels of enterprises, but also increase the amount of capital of listed companies. It also plays an active role in improving the present situation of enterprise management. With the development of the capital market, the manipulation of large shareholders in the listed companies in directional placement has gradually been attached importance to by scholars, especially in the injection of assets manipulation by large shareholders. The large shareholders of listed companies use their advantages of control to grasp more information, thus infringing on the rights and interests of other shareholders, and its concealment also causes some obstacles to the identification of investors and regulatory authorities. How to identify the quality of injected assets, the behavior of large shareholders manipulating profits and manipulating stock prices, so as to determine whether there is manipulation of large shareholders, It has become a common concern of regulators and investors in the securities market. This paper first expounds the concept and theoretical basis of the placement, including the definition of the different manipulation behavior of the major shareholders in the placement. This paper makes empirical research on the identification of the quality of injected assets by large shareholders, the identification of manipulation of profit behavior and the identification of price of additional equity, respectively, and puts forward the expected rate of return of injected assets after the premium, respectively. The manipulable accrual profit and cumulative average excess return are used as the identification indexes of large shareholders' manipulation behavior, and different identification methods are used to determine whether there is large shareholder manipulation behavior in the study sample. Finally, This paper puts forward the corresponding supervision countermeasures for different large shareholders' manipulation behavior, the research conclusions of the identification of the large shareholders' manipulation behavior in the process of the listed company's directional additional issuance, and the suggestion of the supervision countermeasures. It is helpful for small and medium shareholders to accurately identify the manipulation of large shareholders of listed companies and to improve the internal governance structure of listed companies. It is of positive significance for the securities supervision department to strengthen the regulation of the behavior of interest transmission in the directional issuance and to the long-term sustainable development of the capital market.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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