对遏制上市公司不正当利益输送机制分析——以定向增发新股中制度环境为视角

Analysis on the Restriction for Listed Companies' Illegitimate Profit Transfer Mechanism

定向增发新股过程中,上市公司通过设置不同的折扣率进行不正当的利益输送的问题,给公司治理带来极大风险隐患。典型表现当上市公司向大股东及大股东关联方定向增发新股时,发行折扣率要显著高于面向非关联股东的情形。上市公司所处地区的市场化进程和法治化水平增高时,向大股东及其关联股东定向增发的折扣率有所降低;相反的情形下,折扣率便有所增高。要强化对上市公司大股东的监管,防范股价操纵;推行股票发行的注册制,切断利益输送渠道;加快推进市场化、法治化进程。

When directionally issuing additional stock,listed companies can transfer illegitimate profit by setting different discount rate,such behavior may bring great hidden danger for the company. A typical case is that when a listed company issues additional new stock to its major shareholder or a related party,the discount rate is obviously higher than other shareholders. With the process of marketization and the advancement of legalization,the listed companies tend to lower the discount rate for their major shareholders; otherwise they will raise the discount rate. We shall strengthen the supervision over the major shareholders of listed companies,prevent price manipulation,implement registration system,cut off the channel of profit transfer,and speed un the process of marketization and legalization.