增发对象、保荐人声誉与定向增发新股折价率

Object of Private Placement,Sponsor’s Reputation,and Discount Rate of Private Placement

对于如何抑制上市公司控股股东利用定向增发新股的折价率进行利益输送的问题一直是学术界研究的热点。本文以2009-2016年我国实施了定向增发新股的公司为研究样本,研究了认购定向增发新股投资者类别和保荐人声誉对定向增发新股公司折价率的影响。研究发现:(1)在定向增发新股的过程中,投资者类别与新股折价率存在一定的关系,相较于关联股东,以非关联股东作为增发对象的新股折价率较低。(2)声誉背景下,对于控股股东通过增发新股折价率进行利益输送的现象,保荐人能起到一定的抑制效应。保荐人声誉越高,向不同投资者增发新股的差异越小。

This paper studies the impact of investor types and sponsors’ reputation on the discount rate of private placement companies in China from 2009 to 2016. First,the discount rate of directional issuance of new shares is related to the type of investors. The discount rate of directional issuance of new shares to controlling shareholders and their related shareholders is higher than that of directional issuance of new shares to non-related shareholders. Secondly,the higher the reputation of the sponsors employed in the directional issuance of new shares, the smaller the discount rate of the directional issuance of new shares to the controlling shareholders and their related shareholders and the discount rate of the directional issuance of new shares to the non-related shareholders.