上市公司非公开发行股票定价方式选择研究

Research on Choice of the Pricing Modes for Private Offering Shares by Listed Companies

定向增发是我国证券市场主要的股权再融资形式。研究其发行定价机制对于强化投资者保护、促进证券市场健康发展和推动经济高质量发展具有重要意义。非公开发行股票有定价发行和竞价发行两种方式,以此为研究对象分析发现:大股东有利用其折价差异选择定价方式的套利动机;在承诺认购的情况下,存在选择认购类型、与潜在发行对象串谋等两层套利空间。以认购净效应理论为基础,基于2021年之前的数据和利益分析法的研究证实,大股东第二层套利行为显著存在:在认购净效应值为正时,目标是选择定价发行方式,且动机强度与其正相关。本文对监管机构“定价机制选择存在较大套利空间”的判断和注册制改革及“疏堵结合”等降低套利行为的系列政策措施提供了部分支持性证据。基于此,应实施全面注册制强调的日常信息披露监管匹配了“八折规则”需要,科技型中小企业是未来投资者保护工作的重点。

Private equity placement is the main form of equity refinancing in China's securities market.Sthteu dhyeianlgth iyts d iesvseulaonpmcee nptr iogfi nthge m seecchuaritnieissm m haarkse gt,r eaandt spigronmifioctainngc eh ifgohr-qsutraelnitgy,t heecnoinnogm inicv deestvoerl opprmoteenctt.i oTnh,e prero amreo ttiwngo methods for private offering shares:the fixed pricing method and the bidding pricing method.Based on this analysis,it was found that:the major shareholders have an arbitrage motivation to use their discount differences to choose pricing methods;in the case of committed subscription,there are two layers of arbitrage space:choosing the subscription type and coliuding with potential issuance targets.Based on the theory of net effect of subscription,research based on data and interest analysis method before 202l confirms that the second iayer arbitrage behavior of major shareholders is significantly.present:when the net effect of subscription is.positive,,the interest analysis.method aims to select the bidding pricing method,and the motivation intensity is gpeonscitiievesl yth caot rrrtehlearteed is w ait hla irtg.eT hairsb.aitrrtaicglee spproavcied efos rs.opmrigei nsgu pmpeocrthinagn ilsemvid seeniecect'fioorn fth aes juwdegllm aesn at osfe rreiegsu olaft oproyl icay-measures to reduce arbitrage behavior,such as the reform of the registration system and the combination of tdhraetd egmingp,h aansdiz belso cthkein ng.eReedl afoterd d raeiglyu,laintfoorrym imatpiolinca dtiiosncslo isnucrlued ree gimulpalteiomne tnoti nmga,atc cho tmhep2re0h%en dsiisvceo ruengti srturlaet,io ann sdy tsetechmnology-based small and medium-sized enterprises are the focus of future investor protection work.