本文關(guān)鍵詞：大股東持股對上市公司定向增發(fā)折價(jià)的影響研究　出處：《陜西科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 定向增發(fā) 大股東 中小股東 折價(jià)

【摘要】：自股權(quán)分置改革以來，定向增發(fā)由于融資門檻低，發(fā)行費(fèi)用少，發(fā)行程序比較簡便等優(yōu)點(diǎn)，日益受到上市公司和機(jī)構(gòu)投資者的青睞，逐漸發(fā)展成為我國上市公司股權(quán)再融資的重要方式之一，特別是在大股東參與定向增發(fā)新股認(rèn)購的情況下，定向增發(fā)一般以折價(jià)的方式進(jìn)行，且其發(fā)行折價(jià)明顯高于沒有大股東參與認(rèn)購時(shí)的發(fā)行折價(jià)；因此，相關(guān)研究認(rèn)為，我國上市公司定向增發(fā)中存在著大股東侵害中小股東利益的現(xiàn)象。本文首先回顧了近幾年關(guān)于上市公司定向增發(fā)的研究背景及研究進(jìn)度，發(fā)現(xiàn)從大股東角度研究定向增發(fā)的比較少，而從大股東持股角度研究定向增發(fā)折價(jià)的幾乎沒有，本文擬從大股東持股角度研究其與定向增發(fā)折價(jià)的關(guān)系。 眾所周知，大股東作為理性經(jīng)濟(jì)人，都是為了實(shí)現(xiàn)自身利益的最大化，筆者基于以往有關(guān)定向增發(fā)折價(jià)的相關(guān)理論，試圖從大股東持股角度探索其是否與定向增發(fā)折價(jià)有關(guān)，從而得出兩者的關(guān)系，由于上市公司實(shí)施定向增發(fā)時(shí)發(fā)行對象通常有名額限制，一般中小股東通常難以認(rèn)購定向增發(fā)的股份，因此，筆者就推論大股東可能通過認(rèn)購定向增發(fā)新股時(shí)產(chǎn)生的折價(jià)現(xiàn)象侵害中小股東利益。自2006年我國頒布相關(guān)法律法規(guī)對定向增發(fā)予以具體規(guī)定后，，這種融資方式得以迅速發(fā)展，上市公司采用定向增發(fā)進(jìn)行融資的公司越來越多，本文選取2006-2013年實(shí)施定向增發(fā)的上市公司為樣本，通過實(shí)證分析得出了以下結(jié)論：（1）上市公司實(shí)施定向增發(fā)前，第一大股東持股比例與定向增發(fā)折價(jià)率呈負(fù)相關(guān)，股權(quán)集中度與定向增發(fā)折價(jià)率具有負(fù)相關(guān)性；（2）大股東參與新股認(rèn)購會使得定向增發(fā)折價(jià)率偏高，而且其參與度越深，即認(rèn)購新股比例越多，定向增發(fā)折價(jià)率越大；（3）大股東持股比例增加，即通過定向增發(fā)認(rèn)購新股的數(shù)量高于其原持股比例，定向增發(fā)折價(jià)率也會越大；（4）大股東認(rèn)購定向增發(fā)新股所選擇的支付方式與定向增發(fā)折價(jià)有明顯關(guān)系。 通過研究發(fā)現(xiàn)，本文的實(shí)證結(jié)果支持了文中的研究假設(shè)，另外筆者從公式說明了大股東通過定向增發(fā)轉(zhuǎn)移財(cái)富的原理，并通過回歸分析得以驗(yàn)證，說明了大股東在定向增發(fā)過程中存在著借助定向增發(fā)為工具，通過定向增發(fā)新股的折價(jià)現(xiàn)象侵害中小股東利益，最后在理論和實(shí)證基礎(chǔ)上提出了本文的研究結(jié)論，本文的研究結(jié)論不僅對投資者正確認(rèn)識定向增發(fā)具有一定的借鑒意義，也有助于相關(guān)部門及監(jiān)管機(jī)構(gòu)制定定向增發(fā)原則，從而可以減少大股東侵害中小股東利益的現(xiàn)象發(fā)生，保證定向增發(fā)的有效性和客觀性，對我國上市公司定向增發(fā)的健康發(fā)展具有重要的現(xiàn)實(shí)意義。
[Abstract]:Since the reform of non tradable shares, private placement financing due to the low threshold, issuance costs less, the publisher is relatively simple and other advantages, has been listed companies and institutional investors, has become one of China's listed companies are an important way of financing, especially in the large shareholders to participate in the private placement IPO case the private placement discount to a general way, and the discount was significantly higher than that of no major shareholders to participate in the subscription of the discount; therefore, the related research believes that the private placement of Listed Companies in China there are large shareholders against the interests of small shareholders. This paper reviews the recent years about the private placement of listed companies on the background and the research progress, found from the major shareholders perspective of private placement is relatively small, from the largest shareholder of private placement discount almost no, this This paper is to study the relationship between the large shareholders' stock holding and the discount price.
As everyone knows, large shareholders as a rational economic person, is to maximize their own interests, the theory of the private placement discount based on the attempt to explore whether the relevant and private placement discount from large shareholders perspective, so that the relationship between the two, because the private placement of listed companies to implement the issue of object usually quota in general, small shareholders are often difficult to subscribe for shares in the private placement, therefore, the discount phenomenon produced by large shareholders may subscribe that private placement of new shares is against the interests of small shareholders. Since 2006 China promulgated relevant laws and regulations on the private placement of specific provisions, this kind of financing way to the rapid development of the private placement of listed companies more and more companies financing, this article selects the 2006-2013 implementation of the private placement of listed companies as samples, through Certificate of analysis reached the following conclusions: (1) the implementation of the private placement of listed companies, the proportion of the first largest shareholder and the private placement is negatively related to the discount rate, the ownership concentration has negative correlation with the private placement discount rate; (2) the large shareholders to participate in the subscription of new shares will make the private placement discount rate is high, and the degree of participation that is more deep, more proportion of subscription of new shares, private placement discount rate increases; (3) increase the proportion of large shareholders, namely the private placement through the number of IPO is higher than that of the original stake, the private placement discount rate will be larger; (4) major shareholders to subscribe for the private placement choice of payment and orientation the discount has obvious relationship.
The study found that the empirical results support the hypothesis of the research in this paper, the author explains the principle of large shareholders through the transfer of wealth from the additional directional formula, and verified by regression analysis, the major shareholder in the private placement process exists with the private placement as a tool, through the discount of private Placement Shares against the phenomenon the interests of small shareholders, finally in the theoretical and empirical basis, this paper put forward the research conclusion, the conclusion of this research not only on the correct understanding of investor orientation has certain reference significance to the issuance, also contribute to the relevant departments and regulatory agencies to develop private placement principle, which can reduce the occurrence of major shareholders against the interests of small shareholders, to ensure the effective of the private placement and objectivity, has important practical significance to the healthy development of China's listed companies private placement.

【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275;F271

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