| 投资者保护、定向增发和财富转移 |
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| 引用本文： | 郭思永.投资者保护、定向增发和财富转移[J].当代经济科学,2012(2):71-79,126,127. |
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| 作者姓名： | 郭思永 |
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| 作者单位： | 上海立信会计学院会计与财务学院,上海,201620 |
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| 基金项目： | 国家社会科学基金项目“投资者保护、定向增发和财富转移问题综合研究”(10CGL040);上海市教委科研创新项目“投资者保护、利益输送与定向增发”(11YZ250);上海市教委重点学科基金资助项目“会计学”(J51701)的组成部分;上海市教委“教师专业发展工程”(2011年)的项目资助 |
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| 摘 要： | 本文研究良好的投资保护环境能否抑制上市公司的财富转移行为，以2006-2010年进行定向增发的上市公司为研究样本，我们发现地区投资保护程度越高，大股东借助定向增发折价进行财富转移的程度越低。这一研究不仅为我国定向增发中所存在的财富转移提供了佐证，而且对理解宏观投资保护水平对企业微观行为的影响，构建完善的定向增发监管体系，具有重要的理论和现实意义。
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| 关 键 词： | 投资者保护 定向增发 财富转移 |
Legal Protection of Investors,Private Placement and Tunneling |
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| GUO Si-yong.Legal Protection of Investors,Private Placement and Tunneling[J].Modern Economic Science,2012(2):71-79,126,127. |
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| Authors: | GUO Si-yong |
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| Institution: | GUO Si-yong(School of Accounting and Finance,Shanghai Lixin University of Commerce,Shanghai 201620,China) |
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| Abstract: | This study examines the effect of legal protection of investors on tunneling in emerging markets.Based on the sample in which listed companies issue private securities in China stock market from 2006 to 2010,we find that the level of siphoning resources out of firms for the controlling shareholders’ own private benefits is lower through the discount of private placement when the firms are in the areas where the legal protection of investors is stronger.It is necessary to enhance the protection of shareholder’s rights,and the enforcement of investor protection to prevent the controlling shareholders from tunneling and to improve security market. |
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| Keywords: | Legal Protection of Investors Private Placement Tunneling |
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