掏空、支持与定向增发折价——来自我国上市公司的经验证据

Tunneling,Probing and Private Placement Discount——Evidence from Chinese Listed Companies

以国内上市公司的定向增发案例为样本,研究了国内资本市场上定向增发折价的形成原因。研究结果表明,我国定向增发中的特殊增发制度安排以及大股东通过定向增发对上市公司的支持,是定向增发折价存在的重要因素。研究发现,增发对象为大股东的定向增发有着更高的折价,同时,在面向大股东的定向增发中,以非现金的其他资产为增发方式的定向增发折价更高,这说明定向增发折价在一定程度上是对大股东支持上市公司的补偿。

Since the split share structure reform,private placement has been one of the main ways of equity refinancing in China.This paper uses the sample of private placement domestic listed companies,studies the causes of the private placement discount.The results show that China＇s orientation in the special issuance of additional institutional arrangements as well as the major shareholder of listed companies through private placement to provide additional targeted support is an important factor in the discount exists.The authors find that additional targets for the major shareholders of the private placement have a higher discount,the same time,additional orientation for the major shareholders in non-cash and other assets of the way for the issuance of additional stock issue discount higher.This shows that the private placement discount to a certain extent is a probing way to the large shareholders.This will help deepen our understanding the relationship between the interests of the private placement with major shareholders of listed companies.