定向增发对象对发行定价影响的实证研究

The Empirical Study on Issued Price of Non-public offering Based on the Type of Investors

根据发行对象将实行定向增发的公司分为三组:完全向大股东的发行、向大股东和机构投资者的发行和完全向机构投资者的发行。通过对比三组之间的发行相对价格,发现机构投资者的参与显著提高了发行价格。而完全向大股东进行定向增发的发行相对价格最低,这可能损害了其他股东的利益。

This paper examines how different investors would influence the issued price in the non-public offerings. We grouped the non-public offerings into three categories according to the type of investors： solely to the controlling shareholders, to the controlling shareholders and the institutional investors, and solely to the institutional investors. The study shows that the institutional investors could enhance the issued price significantly when they participate in the offering. The lowest issued price occurs when the controlling shareholder purchases all the new issues, which may impair other shareholders＇ benefits.