大股东认购、定价基准日选择与定向增发折价

Major Shareholder Subscription, Selection of Pricing Base Date,and Discount of Private Placement

上市公司大股东在定向增发中通过选取定价基准日压低发行价格,以攫取利益。本文基于2014-2016年定向增发的样本进行分析,结果发现:大股东认购比例越高,上市公司越可能选取董事会决议公告日为定价基准日,定向增发折价率也相应越高;定价基准日的选取在大股东认购比例与定向增发折价率之间发挥中介作用。大股东认购比例对折价率具有直接效应。

The major shareholders of listed companies benefit from selecting the pricing base date to depress the private placement price.The analysis based on the samples of private placements during 2014-2016 shows that the higher the subscription proportion of major shareholders is,the more probably the listed company selects the announcement date of board resolution as the pricing base date,and the higher the discount rate of private placement becomes;the selection of the pricing base date plays an intermediary role between the subscription proportion of major shareholders and the discount rate of private placement.The subscription proportion of major shareholders has a direct effect on the discount rate.