信息不对称、发行对象与定向增发折价

发布时间：2018-05-05 21:43

本文选题：定向增发折价率 + 信息不对称　；参考：《浙江财经大学》2017年硕士论文

【摘要】：《上市公司证券发行管理办法》的实施为我国的上市公司带来了巨大的利益,相比没有实施该办法之前,定向增发的筹资金额有了爆发式的增长,非公开发行一跃成为国内上市公司融资的主要手段。再加上这种方式相比其他融资方法优势更加明显,越来越多的上市公司开始把目光集中在定向增发筹资方式上。因为定向增发本身的门槛比较低,费用也相对较少,最重要的一点是其在可操作性强的基础上还能保持较高的增值效益,正是因为定向增发具有上述优势,越来越多的上市公司将定向增发作为首选融资方式。随着市场机制的日益完善,证监会开始把工作的重心转移到保护投资者的利益方面,企业通过定向增发方式不但可以吸引投资者来完成公司的整体上市目标,还能够重新调整公司的股权结构,更好地对公司进行管理。对于正处在财务资金困难的公司来说,定向增发能够使其在最短的时间解决公司的债务问题,或者完成融资。虽然国内资本市场日益完善,但是远不如国外发达国家的成熟,为了能更好地保护投资者的利益,优化投资者的组成结构,政府部门积极引入海外投资者到国内市场投资,支持国内资本市场的发展壮大。政府部门还制定了有关企业内部控制融资方面的支持政策用来规范、监督、引导国内上市公司的发展。对于定向增发来说,定价折扣率是不可避免的现象,各国的研究表明折扣率的高低与监管成本、信息对称程度、流动性等因素有关。我国的证监会对于定向增发的价格有明确规定,一般情况下折价率不高于基准日股价的10个百分点,相比于国外的20%低了一半。这对于股东的合法权益和证券资本市场的稳定起到了良好的保护作用。本文以信息不对称假说、委托代理理论、公司治理理论、流动性补偿假说作为实证研究的理论基础,研究信息不对称和发行对象类别不同对定向增发折价率产生了怎样的影响,并且研究不同发行对象认购,包括大股东、积极机构投资者、消极机构投资者对定向增发折价率的影响,进一步研究了发行对象特征,包括大股东认购比例、大股东增发前持股比例、利益转移指标以及机构投资者参与,对信息不对称和定向增发折价的调节作用。通过回归分析,可以得出结论:信息不对称与定向增发折价显著正相关。当积极机构投资者参与上市公司定向增发时,折价率较低;当消极机构投资者参与上市公司定向增发时,折价率较高。大股东利益输送指标和大股东认购比例,对信息不对称与定向增发折价的关系起到正向的调节作用,机构投资者参与对信息不对称与定向增发折价的关系起到负向的调节作用。基于研究结论,本文提出了以下五条政策建议:(1)进一步规范定向增发价格,增加规范条件;(2)鼓励外部机构投资者参与定向增发过程;(3)完善公司治理,增强对大股东的监督力度;(4)完善市场制度,充分披露定向增发有关信息,保护外部投资者合法权益;(5)在定向增发的监管上,监管机构应对不同的认购方进行分类监管。本文较详细地分析了信息不对称、发行对象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有积极意义。
[Abstract]:The implementation of the securities issuance management method for listed companies has brought great benefits to the listed companies in China. Compared with the non implementation of this method, the financing amount of the targeted additional issuance has an explosive growth, and the non public issue has become the main means of financing for the domestic listed companies. More and more obvious, more and more listed companies are beginning to focus on the way of financing. Because the threshold is low and the cost is relatively small, the most important thing is that it can maintain high value-added benefits on the basis of strong operability. With the increasingly perfect market mechanism, the CSRC begins to transfer the focus of its work to the interests of protecting investors, and the enterprises can not only attract investors to complete the overall listing target of the company, but also reorganize the stock rights of the company. Structure, better management of the company. For companies in financial difficulties, the orientation increase can make it solve the debt problem of the company in the shortest time, or complete the financing. Although the domestic capital market is becoming more and more perfect, it is far less mature than the foreign developed countries, in order to better protect the interests of investors, To optimize the composition of investors, government departments actively introduce overseas investors to domestic market investment and support the development of domestic capital markets. Government departments have also formulated support policies on internal control financing for enterprises to standardize, supervise and guide the development of domestic listed companies. The rate is an inevitable phenomenon. The research of each country shows that the discount rate is related to the cost of supervision, the degree of information symmetry and the liquidity. In our country, the price of the targeted additional issuance is clearly defined. In general, the discount rate is not higher than the 10 point of the benchmark day's share price, which is half as low as that of the foreign 20%. The legitimate rights and interests of the shareholders and the stability of the securities capital market have played a good protective role. This paper takes the information asymmetry hypothesis, principal-agent theory, corporate governance theory and liquidity compensation hypothesis as the theoretical basis of empirical research. And the influence of the subscriptions of different distribution objects, including large shareholders, positive institutional investors and negative institutional investors on the rate of discount discount, has been further studied, including the proportion of subscriptions for large shareholders, the proportion of the stock holders before the increase of shareholders, the index of interest transfer and the participation of institutional investors, and the information asymmetry and the information asymmetry. According to the regression analysis, we can draw a conclusion that information asymmetry is significantly positively correlated with the directional increase discount. When the positive institutional investors participate in the listed companies' directional addition, the discount rate is low; when the negative institutional investors participate in the listed companies' directional addition, the rate of discount is higher. The proportion of subscribing to large shareholders plays a positive regulatory role in the relationship between information asymmetry and directional increase discount. Institutional investors' participation in the relationship between asymmetric information and directional increase discount plays a negative regulatory role. Based on the conclusion of the study, the following five policy suggestions are put forward: (1) further standardize the price of directional increase. Add the standard conditions; (2) encourage the external institutional investors to participate in the Orienteering process; (3) improve the corporate governance and strengthen the supervision of the large shareholders; (4) perfect the market system, fully disclose the relevant information of the orientation addition and protect the legitimate rights and interests of the external investors; (5) the regulatory agencies should classify the different subscribers in the direction of the regulation. In detail, this paper analyses the effect of information asymmetry on the discount rate of directional issuance, which is of positive significance to the decisions of investors, listed companies and the securities regulatory authorities.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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