大股东认购与定向增发折价——来自中国市场的证据  

Subscription Behavior of Large Shareholders and Price Discount of Private Placement:Evidence from Chinese Stock Market

作　　者：徐寿福[1] 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《经济管理》2009年第9期129-135,共7页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"中国机构投资者投资行为及其监管研究"(70673056);上海财经大学第三批研究生创新基金"投资者保护对股权融资约束的影响研究"(CXJJ-2008-318)

摘　　要：本文系统研究了大股东是否参与认购、大股东认购比例和认购方式等对定向增发折扣率的影响,发现:(1)大股东参与时的折扣率显著高于大股东不参与时的折扣率,定向增发折扣率与大股东认购比例呈正相关关系;(2)当大股东参与认购时,定向增发折扣率与大股东认购比例和其原有持股比例之差显著正相关;(3)大股东认购方式中包含资产认购时的折扣率显著高于其他认购方式。另外,定向增发折扣率的变化受相关政策的影响显著。本文的研究表明,定向增发过程中大股东认购行为对增发价格的折价会产生重要影响,大股东主导下的定向增发可能是其利益输送的重要途径之一。The behavior of large shareholders will have an important effect on the price discount of the private placement in general. By inspecting behaviors of shareholders during the placement period, we find that there is a higher price discount when large shareholders participate in the placement than that when large shareholders don＇t, and the more large shareholders subscribe, the larger discount will be. We also find that the price discount is a positively related to the difference between the subscription ratio and initial ownership of large shareholders. Additionally, subscription methods of large shareholders and some policy will influence the discount of Chinese companies＇ private placement. Our findings suggest that the private placement which is controlled by large shareholders should be one of channels of tunneling.

关 键 词：定向增发 折扣率 大股东 利益输送 

分 类 号：F830.91[经济管理—金融学]