非公开发行中大股东利益侵占行为研究:基于股价操纵视角

Research on the Behavior of Large Shareholder's Interest Expropriation in Private Placement:Based on the Perspective of Stock Price Manipulation

基于A股上市公司2006年至2019年非公开发行的大样本数据,从股价操纵视角,研究了我国上市公司非公开发行中大股东侵占行为。研究发现,在我国上市公司非公开发行过程中,大股东会通过操纵发行基准期内公司股价的方式进行利益侵占。在大股东直接参与股份认购时,民营性质特征、资产负债率越高及流通股占比越低的上市公司大股东利益侵占程度越严重。研究结果表明,我国非公开发行制度存在一定的套利空间,使得大股东在非公开发行中有机会侵占上市公司及中小股东的利益。监管部门应该不断完善非公开发行制度,优化上市公司股权结构,加大对非公开发行的监管力度,抑制大股东在非公开发行中的侵占行为,保障上市公司及中小股东合理利益,提升我国上市公司的融资效率,促进我国实体经济的高质量发展。

Based on the large sample data of a-share listed companies in non-public sectors from 2006 to 2019,this paper studied the embezzlement of large shareholders in non-public sectors of listed companies in China from the perspective of stock price manipulation.This paper finds that in the non-public offering of listed companies in China,the big shareholders will encroach on small shareholders’interests by manipulating the company’s share price in the benchmark period.In addition,when the major shareholders directly participate in the share subscription,the base date of pricing is determined as the date of the board of directors’resolution and announcement,the characteristics of the listed company are private nature,high asset-liability ratio and high proportion of outstanding shares,the extent of the major shareholders'interest appropriation is more serious.The results of this paper show that there is a certain space for arbitrage in Chinese non-public offering system,which makes it possible for major shareholders to encroach on the interests of listed companies and minority shareholders.The regulatory authorities should continue to complete the non-public offering system,optimize the shareholding structure of listed companies,strengthen the supervision over non-public development,curb the encroachment of major shareholders in the non-public offering,and protect the reasonable interests of listed companies and small and medium shareholders.Improve the financing efficiency of China’s listed companies and promote the high-quality development of China’s real economy.