配股和增发的相关者利益分析和政策研究

本报告从理论和实证两方面研究配股和增发这两种发行方式对于非流通股股东、流通股股东 (包括参与增发的老股东、不参与增发的老股东、参与增发的新股东、参与配股的流通股股东、不参与配股的流通股股东 )等利益相关者的影响 ,发现在目前国内证券市场 ,配股比增发更有利于各方利益的均衡。同时 ,实证研究发现 ,配股折扣率与流通股股东超额收益率显著正相关 ,而与每股净资产增长率相关性不显著。这表明合适的折扣率配股方式在促进非流通股股东净资产大幅增长的同时更能保护流通股股东的投资利益。

Study on Interest of Parties to Share Placement & Additional Issue and Policy Recommendations

This report studies the interest of circulating & non-circulating share holders by the two share-issuing ways including share placement and additional issue through theoretical and empirical research. The circulating share holders concern with five parties such as older shareholders participating and not participating in the additional issue, new shareholders participating in the additional issue, circulating share holders participating and not participating in the placement. The authors discover that share placement can better balance the interest of all parties than additional issue in the current securities market of China. Meanwhile, the empirical research shows that the discount rate of placement has a positive correlation with the excess return rate for circulating share holders, while correlation with the growth rate of net asset per share is of insignificance. This conclusion shows that placement with appropriate discount rate can facilitate both the increases of the net assets for non-circulating share holders and the protection of investment returns for the circulating share holders. In view of these results, the authors offer their policy recommendations for encouraging the practice of share placement, placement with higher discount rate, the upgrading of requirements for additional issue, additional issue preferential for older shareholders, etc.