东方精工定向增发中的利益输送行为研究

Research on Profit Transfer Behavior in Orient Seiko’s Private Placement

自从股权分置改革以来,我国通过定向增发的形式进行融资的上市公司越来越多,和其他融资方式相比,定向增发发行程序少、费用低、发行的方式也更加灵活,所以定向增发融资受到许多上市公司的青睐。但是我国上市公司的股权相对较集中,相关的法律法规也不够完善、定向增发的过程不完全规范。上市公司在定向增发过程往往伴随着利益输送的行为,大股东通常使用操控股票发行价格、注入劣质资产、高估定向增发中注入的资产、高额分红套现以及关联交易转移公司财富。本文以东方精工的两次定向增发作为案例分析对象,通过上市公司公布的文本资料、数据等载体研究其在两次定向增发过程中的利益输送行为,并根据研究结论为上市企业和监管部门在定向增发方面提出建议。

Since the reform of non-tradable shares,more and more listed companies in China have been financing through the form of private placement.Compared with other financing methods,private placement has fewer issuing procedures,lower costs and more flexible issuing methods,so private placement financing has been favored by many listed companies.However,the equity of listed companies in China is relatively concentrated,the relevant laws and regulations are not perfect,and the process of private placement is not completely standardized.The process of private placement of listed companies is often accompanied by the behavior of interest transfer.Major shareholders usually transfer the wealth of the company by manipulating the stock issue price,injecting inferior assets,overestimating the assets injected in the private placement,cashing out high dividends and related transactions.This paper takes the two private placement of Dongfang Seiko as the case study object,studies the transfer of benefits in the process of the two private placement through the text materials,data and other carriers published by the listed company,and puts forward suggestions for listed enterprises and regulatory departments in the private placement according to the research conclusions.