上市公司非公开发行的定价约束机制研究

私募增发股份是我国证券市场最近规范的再融资方式,已成为上市公司募集资金的主流渠道之一。发行定价是私募增发过程中的核心环节,也是亟待规范与校正的新课题。从典型案例看,由于各公司在定价基准日择取上的“百花齐放”,直接影响了私募增发的操作规范,导致作为私募定价约束的“九折规则”失灵,董事会的融资权(定价决定权及发行对象选择权)过大,为各式各样的寻租者及其利益输送行为提供了可乘之机,并诱发操纵股价隐患。因此,为保护中小股东利益,防范寻租行为,需强化私募增发的监管与定价约束。     

浅析上市公司定向增发定价基准日与发行价格的关系

近年来,越来越多的上市公司大股东和机构投资者热衷于参与上市公司定向增发,通过低吸高抛圈钱套利,大肆侵占小股东利益。这已成为近几年中国证券市场的普遍现象。上市公司大股东能够进行套利的根本原因在于定向增发的发行价格远低于即期市场价格,而发行价格又建立在由定价基准日决定的发行最低限价基础之上。本文从分析定向增发定价基准日的选择对发行价格影响的角度出发,通过案例分析对其关系进行研究,认为大股东倾向于选择董事会决议公告日作为定价基准日,变相压低发行价格,把定向增发作为利益输送或套利的工具。为了避免这种损害小股东利益的行为,应提倡将发行日的首日作为定价基准日。     

股市的投资机会——定向增发

定向增发是指中国的上市公司向一些条件符合的投资者实施的发行股份的行为,方式为非公开。定向增发投资以其高收益、低风险,使得众多投资者对其倍加关注。有两个必要的条件是定向增发应该具备的:第一个条件是针对于发行对象,其总数不允许超过10人,第二是针对于发行的价格,应不低于某日股票平均价格的90%,某日为指定日期之前20个交易日公司,指定日期为"定价基准日"。发行的股份在1年内不能转让(如果是大股东认购,则在3年内不能转让)。因为定向增发的融资方式对上市股份公司的业绩及盈亏情况没有太大的限制,整个发行的成本相比较其他方式而言也不高,操作方式也相对简便、容易获得监管层批准等优点,故很多公司愿意用定向增发的方式来扩大投投资,实现股东利益。从历史上的增发方案来看,定向增发能给投资者带来或多或少的投资机会。     

上市公司定向增发股票分析

定向增发降低了上市公司再融资的门槛,也是兼并收购及反向并购的有效工具。定向增发中会出现融资权力过于集中于董事会、定向增发管理过于宽松、认购资产质量良莠不齐、增发价格易被操控等问题。为此,提出约束规范董事会在定向增发中的作用及行为,严格管控定向增发,把握好增发中资产质量问题等建议。     

增发融资问题研究

增发融资是指上市公司以原股本为基础,再次筹集资金增加股本的行为。股份发行在经济周期上升时要高于债务发行,而增发融资更容易发生在公司自身股票价值上涨之后。在我国资本市场上,股权融资成本要低于债务融资成本,这与西方发达国家明显不一致,本文对其原因进行了分析,此外还分析了增发融资如何会导致股价下跌。最后揭露增发融资的缺陷即侵占流通股东利益等。     

增发融资问题研究

增发融资是指上市公司以原股本为基础,再次筹集资金增加股本的行为。股份发行在经济周期上升时要高于债务发行,而增发融资更容易发生在公司自身股票价值上涨之后。在我国资本市场上,股权融资成本要低于债务融资成本,这与西方发达国家明显不一致,本文对其原因进行了分析,此外还分析了增发融资如何会导致股价下跌。最后揭露增发融资的缺陷即侵占流通股东利益等。     

定向增发中的股价操纵研究

通过实证研究的方法,以2013年1月至2014年12月15日期间发出预案的共487起定向增发事件为样本,并根据发行对象的不同从长期和短期两个维度探讨了上市公司在定向增发预案公告时点的股价操纵行为,验证了近年大股东参与的定向增发在预案公布前仍经历较明显负向价格操纵,并揭示定向增发内幕交易情况依然较严重,且上市公司的股价操纵趋于长期。     

定向增发中的股价操纵研究

通过实证研究的方法,以2013年1月至2014年12月15日期间发出预案的共487起定向增发事件为样本,并根据发行对象的不同从长期和短期两个维度探讨了上市公司在定向增发预案公告时点的股价操纵行为,验证了近年大股东参与的定向增发在预案公布前仍经历较明显负向价格操纵,并揭示定向增发内幕交易情况依然较严重,且上市公司的股价操纵趋于长期。     

美国私募发行证券的转售问题研究——兼论我国非公开发行证券转售制度的构建

私募发行的核心问题是注册豁免及转售规范。美国法从认购人资格、转售数量、信息披露、报告等各个方面对私募转售问题进行了规范。我国法律对非公开发行证券的转售规定过于简单，存在很大漏洞，建议借鉴美国私募的规定，完善我国非公开发行证券转售制度。     

试论证券私募发行规范的适度性

私募发行是针对特定对象、以非公开方式、由特定规范加以规制的证券发行方式。其与公募发行相对应,同为资本市场中的融资渠道,能够满足发行人的不同筹资需求。源于私募发行自身的特殊性,私募法律规范的尺度把握应该合理,只有适度的规范才能够最大限度地方便私募发行人筹集资金,同时又较好地保护投资者利益。本文旨在从适度性方面探讨证券私募发行规范的完善,并从适度性角度提出完善我国证券私募发行法律规范的建议。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.