机构投资者的社会网络特征与定向增发折价率

The Social Network Characteristics of Institutional Investors and the Discount Rate of Private Placement

社会网络已成为网络个体获取资源的重要途径。目前机构投资者是我国上市公司定向增发的主要承接者,通过共同投资一家上市公司使机构投资者之间形成了独特的机构投资者网络,本文利用社会网络分析方法实证分析投资者网络结构中个体的位置特征(差异)对于定向增发价格将产生怎样的影响,研究发现:大股东及关联方参与的定向增发折价率显著较高,机构投资者参与的定向增发折价率显著较低;机构投资者的网络位置特征是影响定向增发折价率的重要因素,参与增发的机构投资者网络中心度越高,定向增发折价率越低,验证了信息不对称假说;拥有丰富结构洞的机构投资者在定向增发中能获得显著更高的折价率,符合交易成本理论;在大股东和机构投资者同时参与定向增发的情况下,机构投资者的网络位置对折价率的影响更加显著。本研究以机构投资者的主动投资特性为切入点,从其网络特征视角丰富了机构投资者的刻画维度,验证了社会网络对机构投资者的影响通道,有助于进一步揭示一级市场定价的"黑匣子"。

Social network has become an important way for network individuals to obtain resources. Institutional investors are the main recipients of the private placement in Chinese listed companies. A unique institutional investor network has been built among institutional investors by investing in a same listed company. The paper uses the social network analysis method to empirically study the impact of individual position characteristics（differences） on the private placement price.This study finds that the discount rate of private placement is significantly higher among the major shareholders and the associated parties,while is significantly lower among the institutional investors; the position characteristics of institutional investors are the important factors that affect the discount rate of private placement,the higher network centrality of the institutional investors leads to the lower discount rate of private placement,which verifies the Information Asymmetry Hypothesis; while the institutional investors with rich structural holes can obtain a significant higher discount rate during private placement,which conforms to the Transaction Cost Theory; in the case of the simultaneous participation of large shareholders and institutional investors,the network position of institutional investors has a more significant impact on the discount rate of private placement. At the point of the active investment characteristics of institutional investors,this study enriches the dimensions of describe institutional investors from the perspective of network characteristics,and verifies the social network channel effect of institutional investors,which is helpful to reveal the＂black box＂of market pricing in primary market.