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大股东参与下定向增发中的发行折价与利益输送

发表时间:2015-10-31  浏览量:1495  下载量:594
全部作者: 徐琪,谢赤
作者单位: 江门职业技术学院经济管理系;湖南大学工商管理学院
摘 要: 为考察大股东参与背景下的定向增发折价现象和利益输送行为,并分析利益输送具体影响因素,构建了折价影响因素回归模型和利益输送影响因素对比回归模型。研究结果表明,中国上市公司的定向增发普遍存在发行折价现象,有大股东参与的定向增发折价程度更高。同时,大股东参与定向增发时折价与利益输送之间虽然具有相关性,但不能仅通过折价水平来解释大股东利益输送行为,认购类型、增发前市场特征、上市公司资产规模等公司特征和增发特征对大股东是否转移公司财富均存在显著影响。
关 键 词: 企业管理;定向增发;大股东参与;折价水平;利益输送
Title: Issuing discount and tunneling in private placement with large shareholders’ participation
Author: XU Qi, XIE Chi
Organization: Department of Economic and Management, Jiangmen Polytechnic; Business School, Hunan University
Abstract: A discount factors regression model and tunneling comparison regression models are established to explore the private placement discount and tunneling of the large shareholders’ participation and the specific factors of tunneling. The result shows that discount is widespread among listed companies that conduct private placement in China, especially the private placement involved in large shareholders. Large shareholders’ participation has significant positive relationship with discount. Although discount is associated with tunneling in private placement involved in large shareholders, it is not the only factor influence for large shareholders’ tunneling behavior. Large shareholders’ offer type, market timing, listed companies’ asset size and many other factors of company’s characteristic and private placement’s characteristic all have significant influence on wealth transform.
Key words: business management; private placement; large shareholders’ participation; discount; tunneling
发表期数: 2015年10月第20期
引用格式: 徐琪,谢赤. 大股东参与下定向增发中的发行折价与利益输送[J]. 中国科技论文在线精品论文,2015,8(20):2091-2097.
 
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