| 定向增发折价的理论解释和实证研究综述 |
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| 引用本文： | 何丽梅. 定向增发折价的理论解释和实证研究综述[J]. 改革与战略, 2010, 26(2): 182-186 |
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| 作者姓名： | 何丽梅 |
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| 作者单位： | 北方工业大学经济管理学院,北京,100144 |
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| 基金项目： | 北京市优秀教学团队《会计学专业系列课程教学团队》，学科与研究生教育--工商管理(一级学科PXM2009-014212-078362)项目的阶段性成果 |
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| 摘 要： | 定价能反映定向增发的真实动因及存在的问题。文章通过对国内外定向增发的相关研究进行综述发现：其折价可能是对禁售期、未来监控、挖掘企业价值信息、消极认购人放弃对企业监控或对管理层的私利的补偿，也可能是大股东利用控制权对中小股东利益的侵害，抑或是投资者对企业真实价值的估计，具体依各国市场环境和制度环境的不同而存在差异。
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| 关 键 词： | 定向增发 折价 补偿 |
Theory and Empirical Sutdy on the Discounts of Directional Add-issuance |
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| He Limei. Theory and Empirical Sutdy on the Discounts of Directional Add-issuance[J]. Reformation & Strategy, 2010, 26(2): 182-186 |
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| Authors: | He Limei |
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| Affiliation: | He Limei (School of Economics and Management, North China University of Technology, Beijing 100144) |
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| Abstract: | Pricing can reveal the real reasons and problems of directional add-issuance. By the analysis of the directional add-issuance and the private placements （PPs） domestic and abroad, the discount of the issuance may be the compensation for sale restriction, monitoring, information cost, passive investors, management, or the control right of large stockholders. It can also be the estimation of corporations＇ real value. |
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| Keywords: | directional add-issuance discount compensation |
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