定向增发新股投资者类别对公司治理的影响研究

Research on the Impact of Investor Categories on Corporate Governance in the Private Placement of New Shares

本文以2006—2015年我国实施了定向增发新股的公司为样本,研究认购定向增发新股投资者类别对公司治理效应的影响。研究发现:第一,上市公司向关联股东定向增发新股后公司的治理水平将会有所下降;第二,上市公司向非关联股东定向增发新股后公司的治理水平将会有所改善;第三,与财务投资者相比,战略投资者认购定向增发新股后对公司治理改善效果更好;第四,与民营控股上市公司相比,国有控股上市公司向战略投资者定向增发新股后对公司治理的改善效果更好;第五,无论是国有控股上市公司,还是民营控股上市公司,向财务投资者定向增发新股后对公司治理改善程度无明显差异。

Taking domestic A-share listed companies with private placement from 2006 to 2015 as samples,this paper studies the influence on corporate governance resulting from the heterogeneity of Institutional Investors in private placement.The findings are as followed.First,the corporate governance level will decrease when listed companies issue new shares to related shareholders.Second,the corporate governance level will increase when they issue new shares to non-related shareholders.Third,compared with financial investors,the strategic investors have greater effect on improving corporate governance after subscribing placement shares.Fourth,compared with non-state companies,the corporate governance will be improved after strategic investors subscribe the private placement issued by state companies,while there is no distinctive difference on the corporate governance after the financial investors subscribe the private placement issued by state companies or non-state companies.