非公开发行股票的定价及其监管——基于国投中鲁定向增发的案例研究

The Pricing of Private Placement and its Supervision——Based on the Case Study of SDICZL’ Private Placement

通过对国投中鲁定向增发过程中出现的利益纷争的分析,发现了现行定向增发监管过程中存在制度缺陷,证实了这种制度缺陷是导致利益纷争出现的重要原因。在运用制度经济学理论对这种监管制度进行理论分析的基础上提出了相应的政策建议。

By the analysis of the conflicts between stakeholders in the private placement of SDICZL,we discovered that there are defects in our regulations of private placement. Then our evidences proves that the conflicts between stakeholders in the private placement of SDICZL mainly result from defects in our regulations. Some suggestions on the supervision of the private placement are proposed after we study the regulations in a perspective of Institutional Economics.