上市公司定向增发的利益输送研究

Research on Tunneling in Directional Private Placement in Listed Companies

通过对2006年到2007年定向增发数据研究发现,只向控股股东等关联性股东定向增发的上市公司有压低定向增发价格向大股东利益输送的迹象,而定向增发由于非关联股东的参与,定向增发的价格没有被压低;未发现只向控股股东等关联性股东定向增发的上市公司,通过定向增发向上市公司注入不良资产达到利益输送目的的迹象;发现在定向增发的当年,有极少数上市公司通过现金分红,向大股东进行利益输送。

The study on the data of directional private placement during 2006-2007 discloses some phenomena. The listed companies, which issue stocks only to associated shareholders such as controlling shareholders, transfer benefit to related share- holders by making the issuing price low. However, due to the participation of non-associated shareholders, the issuing price for directional private placement is not made low. There is no evidence for the transfer of bad assets into the listed companies, which issue stocks only to associated shareholders such as controlling shareholders, in order to transfer benefit through directional private placement. It is discovered that in the same year of directional private placement a very small number of listed companies transfer benefits to its controlling shareholders by cash dividends.