發(fā)布時(shí)間：2018-03-22 06:20

  本文選題：利益輸送　切入點(diǎn)：定向增發(fā)　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司向大股東進(jìn)行利益輸送的方式有很多種。其中，定向增發(fā)這種方法就是其一。大量實(shí)證研究表明，許多不健全的資本市場(chǎng)上存在股權(quán)過(guò)度集中在大股東手中的現(xiàn)象，，并受大股東支配。此外，這方面的法律規(guī)章制度還不夠完善，市場(chǎng)監(jiān)管機(jī)制還不夠成熟，這就導(dǎo)致上市公司日常運(yùn)營(yíng)的集團(tuán)化構(gòu)建問(wèn)題、缺乏透明度問(wèn)題、關(guān)聯(lián)交易盛行等等一系列問(wèn)題，這就為大股東通過(guò)定向增發(fā)進(jìn)行利益輸送提供了打造了“良好”的環(huán)境。在我國(guó)的資本市場(chǎng)上，大股東從上市公司進(jìn)行利益輸送顯現(xiàn)越來(lái)越重要，也越來(lái)越受到大股東的青睞。同樣，因?yàn)槎ㄏ蛟霭l(fā)是比較新鮮的事物，關(guān)于定向增發(fā)的規(guī)章制度以及法律法規(guī)還并不完善，這就給母公司等大股東留下了利益輸送的余地。因此，在從國(guó)外輸入一種成熟的融資模式時(shí)，要注意這種新的融資模式是否能和我國(guó)的資本市場(chǎng)相融合，如何能快速地、健康地分配在我國(guó)的資本市場(chǎng)中，滿足“中國(guó)特色社會(huì)主義金融市場(chǎng)”的需求。 這篇文章所要研究的主題，是凱迪電力通過(guò)定向增發(fā)向大股東輸送利益，本文通過(guò)案例分析給予我國(guó)定向增發(fā)的監(jiān)管者們提供一些監(jiān)管上的思路。 凱迪電力的母公司是凱迪控股。并且凱迪控股是凱迪電力的第一大股東。這就決定了凱迪控股的控制權(quán)地位。也為凱迪控股的利益輸送行為奠定了夯實(shí)的基礎(chǔ)。文章介紹了凱迪電力向凱迪控股進(jìn)行利益輸送的三個(gè)不同途徑，分別是：低價(jià)增發(fā)、通過(guò)各種手段抬高股價(jià)再轉(zhuǎn)讓股權(quán)、通過(guò)注入不良資產(chǎn)進(jìn)行套現(xiàn)。這三種途徑通過(guò)定向增發(fā)成功地實(shí)現(xiàn)了利益輸送。同時(shí)這也嚴(yán)重地侵害了凱迪電力中小股東的利益，嚴(yán)重破壞了我國(guó)資本市場(chǎng)上的監(jiān)管秩序，同時(shí)給我國(guó)資本市場(chǎng)上的相關(guān)監(jiān)管者帶來(lái)了很大的麻煩。通過(guò)對(duì)案例的研究，分析出凱迪電力向凱迪控股進(jìn)行利益輸送的關(guān)鍵問(wèn)題。從案例反映出的主要問(wèn)題出發(fā)，提出四個(gè)可行的、有針對(duì)性的對(duì)策建議。
[Abstract]:There are many ways for listed companies to convey their interests to large shareholders. Among them, the method of directional placement is one of them. A large number of empirical studies have shown that there is a phenomenon of excessive concentration of equity in the hands of large shareholders in many unsound capital markets. And under the control of major shareholders. In addition, the laws and regulations in this respect are not perfect, and the market supervision mechanism is not mature enough, which leads to the problem of collectivization of the daily operations of listed companies and the lack of transparency. The prevalence of related party transactions and a series of problems, which provide a "good" environment for the major shareholders to carry out the transfer of benefits through the targeted issuance. In the capital market of our country, It is becoming more and more important for large shareholders to carry out interest transmission from listed companies, and it is also becoming more and more popular with major shareholders. Similarly, because directional additional issuance is relatively new, the rules and regulations and laws and regulations on directional additional issuance are not yet perfect. This leaves room for major shareholders, such as the parent company, to transfer benefits. Therefore, when importing a mature financing model from abroad, we should pay attention to whether this new financing model can be integrated with the capital market of our country and how it can be quickly integrated. Distribute healthily in the capital market of our country, satisfy the demand of "socialist financial market with Chinese characteristics". The theme of this paper is that Cady Electric Power conveys the benefits to the major shareholders through the directional additional offering. This paper provides some ideas on supervision to the regulators of the directional additional issuance in our country through the case study. The parent company of Cady Power is Cady Holdings, and Cady Holdings is the largest shareholder of Cady Power. This determines the controlling position of Cady Holdings. It also lays a solid foundation for the behavior of Kadi Holdings' interest transmission. The article introduces three different ways for Cady electric power to carry out profit transmission to Cady Holdings. They are: offering additional shares at a low price, raising the stock price by various means and transferring the shares again, Through the injection of non-performing assets to cash out. These three ways have successfully realized the transmission of benefits through targeted additional issuance. At the same time, this has seriously infringed on the interests of the minority shareholders of Cady Electric Power, and seriously damaged the regulatory order in the capital market of our country. At the same time, it brings a lot of trouble to the relevant regulators in the capital market of our country. Through the case study, the paper analyzes the key problem of the Kadi Electric Power carrying out the profit transmission to the Cady holding Company. From the main problems reflected in the case, Put forward four feasible, targeted countermeasures and suggestions.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.61;F406.7

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