本文關鍵詞：上市公司定向增發(fā)中的利益輸送問題研究　出處：《西南財經大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 定向增發(fā) 低價發(fā)行 高價注入資產 套現(xiàn) 利益輸送

【摘要】：股權分置改革后,定向增發(fā)因操作流程簡潔、準入門檻較低以及發(fā)行費用少等優(yōu)勢,受到市場的廣泛認可并成為了我國資本市場上股權再融資的最主要模式。然而,這一在資本市場廣受歡迎的再融資方式在我國獨特的資本市場土壤上卻滋生了備受詬病的利益輸送問題。我國定向增發(fā)市場為什么會成為小股東利益向大股東進行輸送的工具?利益輸送的途徑又主要有哪些?為什么這些途徑在定向增發(fā)實施過程中能實現(xiàn)利益輸送?本文針對這三個問題進行了理論的探討和案例研究。 本文章節(jié)安排如下： 第一章,導論。首先闡述了本文的研究背景以及意義,為本文接下來的研究奠定了基礎。然后陳述了研究思路、研究方法,以及界定了定向增發(fā)與利益輸送的概念。 第二章,文獻綜述。本文首先對國內外有關定向增發(fā)的文獻進行了梳理,通過梳理國外的定向增發(fā)文獻,發(fā)現(xiàn)國外文獻中主要是通過折價的研究來說明利益輸送問題,在國外利益輸送的途徑主要是采取高折價的方式,并且有監(jiān)督假說、信息不對稱假說、管理層防御假說、大股東控制權的假說、投資者投資風險補償假說五種假說來解釋這些折價現(xiàn)象。對國內文獻針對定向增發(fā)中利益輸送途徑的研究進行了總結,可以分為三種：以不合理的低價對特殊的認購對象定向增發(fā)、大股東以高價注入資產的行為認購定向增發(fā)新股、定向增發(fā)實施后的套現(xiàn)行為。而套現(xiàn)行為又分為了兩類：第一類,定向增發(fā)認購方在定向增發(fā)后實施減持股份的行為；第二類,當完成定向增發(fā)的認購行為后,上市公司進行高額分紅的行為。 第三章,定向增發(fā)中的利益輸送問題理論分析。首先分析了我國定向增發(fā)市場中產生這三種利益輸送途徑的理論和現(xiàn)實根源,指出我國獨特的資本市場土壤養(yǎng)分結構失衡是造成定向增發(fā)成為利益輸送管道的根本緣由,一方面我國上市公司大股東對于上市公司有著絕對的支配權,另一方面我國定向增發(fā)市場監(jiān)管經驗匱乏,信啟、披露制度不完善,這產生了大股東和小股東之間嚴重的信息不對稱和委托代理問題。接著,又以理論分析解釋了這三種途徑在定向增發(fā)市場中為什么能夠實現(xiàn)利益輸送。 第四章,案例分析。本文的案例部分通過對三種途徑實施過程的回顧,驗證了三種途徑在定向增發(fā)中能夠實現(xiàn)利益輸送,分別是以小商品城的定向增發(fā)案例驗證了我國定向增發(fā)實施過程中以不合理的低價對特殊的認購對象定向增發(fā)的行為能夠實現(xiàn)利益輸送；以億利能源定向增發(fā)案例驗證了定向增發(fā)實施過程中大股東以高價注入資產認購定向增發(fā)新股的行為能夠實現(xiàn)利益輸送；在套現(xiàn)行為中,以宗申動力定向增發(fā)的案例驗證了減持股份的行為能夠實現(xiàn)利益輸送,馳宏鋅鍺定向增發(fā)的案例驗證了高額分紅的行為能夠實現(xiàn)利益輸送。 第五章,結論、建議及展望。本文建議從三個角度來解決我國定向增發(fā)市場中的利益輸送問題：第一,規(guī)范發(fā)行價制度,建立相關的約束機制,嚴打為了降低發(fā)行價而進行股價操縱的行為；第二,強化注入資產質量的評估,保障資產評估的真實性與可靠性；第三,完善公司治理,約束大股東的自利行為,減少股東間的利益沖突。 本文的貢獻： 以理論分析的方式說明了三種途徑在定向增發(fā)中能夠實現(xiàn)利益輸送,并以案例分析的形式將這三種途徑呈現(xiàn)出來,為我國定向增發(fā)中利益輸送問題的后續(xù)研究奠定了基礎,為中小投資者的投資提供借鑒,同時也有助于監(jiān)管層對于定向增發(fā)行為的規(guī)范。 本文的不足： 本文將上市公司定向增發(fā)中的利益輸送的途徑歸納為三種,對上市公司定向增發(fā)中的利益輸送途徑有待進一步發(fā)掘。由于篇幅有限,未對這些上市公司中長期的經營業(yè)績進行分析,無法判斷是否會對中小股東造成較為持久的利益侵害。
[Abstract]:After the reform of non tradable shares, private placement for operation process simple, low barriers to entry and the issue of less cost and other advantages, is widely recognized by the market and the capital market of our country has become the main mode of equity refinancing. However, it is very popular in the capital market refinancing way in soil unique capital market of our country has spawned much criticized the interests of transport problems. China's private placement market and why would become the interests of small shareholders are tools for transfer to large shareholders? Ways of transfer of benefits and what are the main? Why these pathways in the private placement to achieve transfer of benefits in the process of implementation? This paper discusses theory and case study for these three problems.
This chapter is arranged as follows:
The first chapter is introduction. First, it expounds the background and significance of the research, and lays the foundation for the next research. Then, it expounds the research train of thought, research method, and defines the concept of private placement and interest transfer.
The second chapter, literature review. This paper based on the domestic and foreign related literature through private placement, the placement of combing foreign literature found in foreign literature is mainly through the discount study to illustrate the issue of transfer of benefits, in the way of foreign transfer of interest mainly by high discount, and supervised information hypothesis. Asymmetry hypothesis, managerial entrenchment hypothesis, large shareholders hypothesis, investors investment risk compensation hypothesis five hypotheses to explain these phenomena. The domestic research literature on the transfer of benefits in the private placement way are summarized, can be divided into three types: the unreasonable price of the additional subscription object oriented special. The behavior of large shareholders to subscribe orientation high priced assets into the issuance of new shares, cash after the implementation of the private placement. And action is divided into two categories: the first category, set The behavior of reducing the shares by private placement providers after the private placement is carried out; the second kind is the behavior of the listed companies to pay dividends when the subscription behavior of private placement is completed.
The third chapter, theoretical analysis of the transfer of benefits in the private placement. First analyzed and realistic root of Chinese private placement market generated in the three kinds of interests transportation theory, pointed out that China's unique capital market structure is caused by the imbalance of soil nutrient placement to become the fundamental causes for the interests of pipelines, on the one hand, the listed companies in China large shareholders of the listed company has an absolute dominance, on the other hand, China's private placement market supervision experience lack of information disclosure, the system is not perfect, it has produced between large and small shareholders serious asymmetric information and principal-agent problems. Then, based on theoretical analysis and explanation of the three ways in the directional why SEO market can realize the transfer of benefits.
The fourth chapter is the analysis of the case. In the first part of this paper, by reviewing the process of implementation of the three ways, to verify the three ways in the private placement to achieve transfer of benefits, which are directed to small commodity city additional case verifies the private placement in China in the process of implementation to unreasonable price of subscription object oriented special the issuance of the behavior to achieve transfer of benefits; to Yili energy placement cases to verify the implementation of the private placement of large shareholders in the process of high priced assets into the private placement of new shares subscription behavior to achieve transfer of benefits; in the current set for, in Zongshen private placement cases to verify the holdings of shares of behavior to achieve transfer of benefits, the private placement Chihong case to prove the high dividend behavior to achieve transfer of benefits.
The fifth chapter, conclusion, suggestion and prospect. This paper proposes to solve China's private placement market problems in the transfer of benefits from three aspects: first, the price system of issuing norms, establish the restriction mechanism related to the crackdown, manipulate the stock price behavior in order to reduce the issue price; second, strengthen the assessment of the quality of the injection of assets, authenticity the reliability and security of assets assessment; third, improve corporate governance, self-interest constraints of the big shareholders, reduce the conflict of interest between shareholders.
The contribution of this article:
In the theoretical analysis illustrates three ways in the private placement to achieve transfer of benefits, and the case analysis form the three approaches presented, laid the foundation for further research problem of conveying the interests of our private placement, in order to provide reference for small and medium-sized investors, but also contribute to the regulation for the private placement behavior norms.
The shortcomings of this article are:
The way of private placement of Listed Companies in the transfer of benefits are grouped into three types, to further explore the private placement of Listed Companies in the transfer of benefits. Due to limited space, not on the operating performance of Listed Companies in the long-term analysis, can not determine whether it will cause more lasting against the interests of small shareholders.

【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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