大股东控制下的定向增发和财富转移——来自中国上市公司的经验证据

本文考察了大股东控制下的上市公司定向增发折价及其价值影响,以探求定向增发是否是上市公司的控股大股东进行财富转移的一种工具。研究发现:大股东的机会主义行为动机是影响上市公司进行定向增发的重要因素,上市公司定向增发的折价水平和大股东认购比例共同决定了大股东是否从上市公司转移财富及其转移财富的多寡。本文结论对投资者投资决策,政府部门进一步完善定向增发监管政策有一定的借鉴意义。

Private Placement under the Control of Major Shareholder and Wealth Tunneling

The paper examines the discount of private placement under the control of major shareholder,and how to influence the value,in order to explore whether private placement is used as a mechanism for wealth tunneling.We have found that major shareholder's opportunistic incentive is an important factor to carry out private placement.Whether and how much to tunnel may depend on the discount and the percentage of private placement which purchased by the controlling shareholder.Our findings are of interest to the i...