我国上市公司定向增发折价研究——基于较完整市场周期的分析

Private Placement Discounts of A Shares in China——A Study Based on a More Complete Capital Market Cycle

现有关于定向增发折价的研究均以2007年11月之前牛市期间增发公司为样本,样本量较小,本文以我国2006年5月至2008年底包含较完整市场周期间定向增发上市公司为样本,以更为科学的折价衡量方法研究发现,定向增发股票的折价较高。且控股股东和关联股东参与认购时,定向增发股票的折价率显著高于非控股股东和关联股东认购组,控股股东认购比例越高,折价率越高,大股东通过高折价转移财富的动机越强;当大股东认购比例与原持股比例差额越大时,折价率越高,大股东的利益输送程度越高。不过,只有当市场行情较好时控股股东和关联股东才能通过定向增发顺利实现其利益输送和财富转移的目的。

Previous researches on discounts for private placements （PPs） are based on sample before November 2007 when the market is booming. Based on PPs from May 8th 2006 to December 31th 2008 and a more scientific calculation method for discounts, we find that, discounts for PPs are much higher than those of public offering. And discounts for PPs associated with controlling shareholders and relevant shareholders are significantly higher than those with no controlling shareholders or relevant shareholders. The higher percentage the controlling shareholders prescribe, the higher the discounts, and the stronger the motivation of tunneling. What＇ s more, the higher the difference between the prescribe percentage of controlling shareholders and their holding percentage, the higher the discounts. These indicate that private equity placements may be one way of tunneling for controlling shareholders. But these exit only when the stock market is booming. That is, only then can the controlling shareholders and relevant shareholders realize tunneling by high discounts of private equity placements to themselves.