本文選題：控股股東　切入點(diǎn)：定向增發(fā)　出處：《西安工業(yè)大學(xué)》2017年碩士論文

【摘要】：我國上市公司再融資具有明顯的股權(quán)偏好,定向增發(fā)自確立以來,已迅速成為上市公司再融資方式的首選。伴隨著資本市場對定向增發(fā)高度熱情一起出現(xiàn)的,是過度融資、頻繁增發(fā),利益輸送等問題,定向增發(fā)已從簡單的再融資方式發(fā)展為上市公司控股股東進(jìn)行資本運(yùn)作的手段和途徑。本文結(jié)合證券發(fā)行管制制度,基于擇時(shí)理論,從市場時(shí)機(jī)和政府管制時(shí)機(jī)兩個維度出發(fā),對上市公司控股股東定向增發(fā)過程中的擇時(shí)問題進(jìn)行系統(tǒng)研究。本文在理論分析的基礎(chǔ)上,通過研究2010--2016年6月滬深兩市A股定向增發(fā)成功的上市公司,并采用logistic回歸估計(jì)研究方法,分析了定向增發(fā)過程中市場時(shí)機(jī)以及政府管制時(shí)機(jī)變化對控股股東定向增發(fā)行為的影響,并將樣本進(jìn)一步分離,檢驗(yàn)不同市場行情下的控股股東擇時(shí)行為,比較市場時(shí)機(jī)與政府管制時(shí)機(jī)對于控股股東定向增發(fā)行為的影響程度。研究發(fā)現(xiàn),控股股東的定向增發(fā)具體行為,是斟酌市場時(shí)機(jī)和政府管制時(shí)機(jī)的結(jié)果。市場時(shí)機(jī)相較于政府管制時(shí)機(jī),對控股股東定向增發(fā)行為影響更深。在上述研究結(jié)論基礎(chǔ)上,通過采用定價(jià)折扣率作為利益輸送代理變量,本文實(shí)證研究發(fā)現(xiàn)市場時(shí)機(jī)與政府管制時(shí)機(jī)對定價(jià)折扣率有著顯著的影響,控股股東越能夠有效的把握和利用這樣的時(shí)機(jī)來進(jìn)行利益輸送。資產(chǎn)認(rèn)購方式由于其特殊的雙重“關(guān)聯(lián)性”,可以有效的彌補(bǔ)市場時(shí)機(jī)的不足。本文的研究結(jié)論認(rèn)為,控股股東定向增發(fā)行為受市場時(shí)機(jī)和政府管制時(shí)機(jī)影響,市場時(shí)機(jī)是控股股東考慮定向增發(fā)行為的基礎(chǔ),控股股東通過擇時(shí)確定相應(yīng)定向增發(fā)行為,隱蔽而有效的進(jìn)行了利益的輸送,損害了中小股東的利益。
[Abstract]:The refinancing of listed companies in China has obvious equity preference. Since the establishment of directional additional issuance, it has rapidly become the first choice of refinancing methods of listed companies.Along with the high enthusiasm of the capital market for additional directional offerings, there are problems such as excessive financing, frequent issuance, transmission of benefits, and so on.Directional placement has developed from simple refinancing to capital operation of controlling shareholders of listed companies.In this paper, based on the timing theory, this paper systematically studies the timing problem in the process of controlling shareholders' directional issuance of listed companies from the two dimensions of market timing and government regulatory opportunity, combined with the regulation system of securities issuance.On the basis of theoretical analysis, this paper studies the successful listed companies listed in Shanghai and Shenzhen A-shares in June 2010-2016, and adopts the logistic regression estimation method.This paper analyzes the influence of market timing and government regulation on the behavior of controlling shareholders in the process of directional placement, and further separates the samples to test the timing behavior of controlling shareholders under different market conditions.To compare the influence of market opportunity and government regulation on controlling shareholder's behavior of directional placement.It is found that the specific behavior of controlling shareholders is the result of market timing and government regulation.Market timing has a deeper impact on controlling shareholders' targeted placement than government regulation.On the basis of the above conclusions, by using the pricing discount rate as the proxy variable, the empirical study shows that the market opportunity and the government regulation opportunity have a significant impact on the pricing discount rate.The more the controlling shareholder can effectively grasp and utilize such an opportunity to carry out profit transmission.Because of its special "relevance", the asset subscription method can effectively make up for the shortage of market opportunity.The conclusion of this paper is that the behavior of the controlling shareholder is influenced by the market opportunity and the government control opportunity, which is the basis of the controlling shareholder to consider the behavior of the private placement, and the controlling shareholder determines the corresponding behavior by timing.Concealed and effective transmission of interests, to the detriment of the interests of small and medium shareholders.
【學(xué)位授予單位】：西安工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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