定向增发、大股东认购方式与上市公司绩效的关系——来自中国上市公司的经验证据

Additional stock issues, majority shareholders subscribe way and listed company performance's relation——experience data from China listed company

本文以2006～2008年间定向增发中控股股东向上市公司进行资产认购的公司为研究对象,主要研究大股东分别以现金认购和资产认购对公司绩效的影响。研究发现,大股东以现金认购与公司绩效呈正相关,而大股东以资产认购与公司绩效呈负相关;资本市场投资者对大股东的资产认购方式做出了明显的反应;认购资产的评估增值率与公司绩效呈明显的负相关。本文结论对投资者投资决策,政府部门进一步完善定向增发监管政策有一定的借鉴意义。

The paper analyzes that the controlling shareholders subscribe assets of listed companies by PPE（Private Placements of Equity） in the period of 2006-2008,which focus on the effect of Corporate Performance by subscribing assets in different ways——cash-injecting and assets-injecting.We find that there is significant positive correlation between corporate performance and cash injection by major shareholder,but negative correlation between corporate performance and assets injection by major shareholder;capital market investors made obvious response to these different two ways of subscribe assets;and the Increase Rate of Asset Evaluation of subscription assets has significant negatively correlated with corporate performance.The conclusions have some reference for investors to make investment decision and for government further improve the regulatory police of PPE.