上市公司定向增发中的利益输送问题研究——基于东方精工的案例分析

发布时间：2018-02-27 23:39

本文关键词： 定向增发利益输送折价发行信息披露　出处：《赤峰学院学报(自然科学版)》2016年24期 　论文类型：期刊论文

【摘要】：股权分置改革一直是困扰中国证券市场运行的一项重要制度因素,因为定向增发这项制度的操作流程比较简单、进入的门槛比较低,同时还节省了大笔的发行费用,获得了经济市场的广泛认可.但是,定向增发制度在我国的资本市场中却出现了很多利益输送的现象.本文以东方精工为例,分别对发行时机、信息披露和盈余管理与发行定价的关系进行研究,分析探讨了上市公司如何在定向增发过程中进行利益输送.
[Abstract]:The split share structure reform has always been an important institutional factor troubling the operation of China's securities market, because the operation process of this system is relatively simple, the threshold for entry is relatively low, and the issuance costs are also saved. It has been widely recognized by the economic market. However, there are a lot of phenomena of profit transmission in the capital market of our country. This paper takes Oriental Seiko as an example to analyze the timing of issuance respectively. This paper studies the relationship between information disclosure, earnings management and issue pricing, and analyzes and discusses how the listed companies carry out profit transmission in the process of directional additional issuance.
【作者单位】：安徽财经大学会计学院;
【基金】：安徽财经大学国家社会科学基金一般项目:“机会主义择时与股权激励有效性研究”(13BJY013)
【分类号】：F275.5;F426.474

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