定向增发对相关利益体财富的影响分析

Impact of Private Placement on Interested Parties

本文运用合理假设,对上市公司定向增发行为进行了分析,从理论上论述了定向增发对该上市公司、非流通股股东和流通股股东等相关利益体财富的影响。本文认为,定向增发将在一定程度上“牺牲”非流通股股东利益,流通股股东利益损害的情况有所减弱。文中以成功实施定向增发的武钢股份为例,检验了分析结论,提出了相关建议。

This paper adopts the method of reasonable hypothesis to analyze private placement of Chinese listed companies. It clarifies from a theoretical point of view how the wealth of the issuer itself and its shareholders is affected as a result. The finding is that private placement is conducted, to a certain extent, at the cost of state shareholders. Cases are decreasing which jeopardize the interests of public shareholders. This paper takes as an example Wuhan Iron and Steel Corporation to test its conclusion and puts forward suggestion.