利益输送、信息不对称与定向增发折价  

Tunneling,Information Asymmetry and Private Placement Discount

作　　者：何贤杰[1] 朱红军[2] 

机构地区：[1]上海财经大学会计学院 [2]上海财经大学会计与财务研究院

出　　处：《中国会计评论》2009年第3期283-298,共16页China Accounting Review

基　　金：上海财经大学会计与财务研究院的资助;教育部人文社会科学重点研究基地重大项目"转轨经济中的公司治理与控制权收益"(06JJD630016);曙光计划"中国证券分析师行业的运行效率及其监管机制研究"的阶段性成果

摘　　要：定向增发作为资本市场权益再融资的重要方式之一,已日益受到监管层、上市公司和投资者的重视。本文研究了定向增发折价的形成原因。研究结果显示,大股东的机会主义行为和上市公司与投资者之间的信息不对称是定向增发折价的重要决定因素。我们发现,当大股东购买定向增发股票的比例与其在增发前持有的上市公司股权比例差额越大时,增发折价也越高,并且增发价格相对于基准价格的溢价越低。这一结果表明,大股东通过定向增发实现了以较低的对价稀释中小股东权益的目的,从而在一定程度上侵害了后者的利益。此外,与国外的研究一致,定向增发的折价还与信息不对称的程度成正比,即当不对称的程度越高时,增发的折价也越高。As one of the most important financial channels in China since Split Share Structure Reform, Private placement of equity has attracted more and more attention from regulators, listed firms and investors. By December 31 st2008, nearly 20% of listed firms have issued shares through Private placement. However, at present, in contrast to the wide adoption in market, empirical studies on private placement in China are few; in particular, little research explains why Private placement of equity is associated with substantial discount. This paper provides some explanations for the cause of discount in Private placement in Chi- na. We find that large shareholders＇ opportunity behavior and information asymmetry be- tween company and outsider investors may be the two major explanations for the discount. Our study shows the average discount rate in private placement of listed firms in China is 30.7%, which is higher than the discount rate of 20. 14^ in Hertzel and Smith（1993）and 18.7%in Barclay, Holderness and Sheehan（2006）. The results of sub-sample tests show that when shares that large shareholders purchase exceed their ownership before Private placement, the discount is 35.4%, significantly higher than rate of 27.2% when shares that large shareholders purchase are less than their ownership before Private placement. Regression analysis also shows that larger difference between shares that large shareholders purchase and their ownership before Private placement is related to higher discount rate in Private Placement and lower premium of issue price Vis-a-vis benchmark price. This means large shareholders may dilute small shareholders＇ ownership at low cost through Private placement. In other words, large shareholders may tunnel through Private placement. Consistent with previous research, discount in Private placement is also positively related to information asymme-try, that is when the information asymmetry is severe, the discount is higher. Our study further enrich the literature of Private placement disc

关 键 词：利益输送 信息不对称 定向增发折价 

分 类 号：F832.51[经济管理—金融学]