上市公司定向增发中的利益输送行为研究  

A Study on the Tunneling of Private Placement in Chinese Market

作　　者：王志强[1] 张玮婷[1] 林丽芳[1] 

机构地区：[1]厦门大学管理学院

出　　处：《南开管理评论》2010年第3期109-116,149,共9页Nankai Business Review

基　　金：国家自然科学基金资助项目(70472048);国家自然科学基金重点项目(70632001);福建省科技计划重点项目(2008R0058)资助

摘　　要：本文将2006-2007年深沪两市公司定向增发样本分成三组:仅针对大股东及关联方发行组、仅针对机构投资者发行组以及混合发行组进行比较研究,发现仅针对大股东和关联方发行组存在通过刻意打压定价基准日股价、提高折价幅度等手段以达到降低增发价格、向大股东及关联方输送利益的目的。通过对比样本公司定向增发前后关联交易量,我们还发现,样本公司关联交易总规模、平均单笔交易规模都在定向增发后呈现显著上升趋势,进一步验证了上市公司在定向增发后通过关联交易进行财富转移的可能。Private placement is defined as the behavior that listed companies issue stock to specific groups through non-public way.In developed markets,private placement can be regarded as an efficient mechanism for market to optimize resources allocation.In Chinese market,private placement did not become a desirable choice for both listed companies and investors until the Chinese Securities Regulatory Commission issued＂Management Approach of Listed Companies’ Security Issuance＂on May 7,2006.However,there is still no requirement about profitability for companies who issue private placement, and the requirements for choosing the pricing benchmark date and the minimum pricing level of issuing are vague,making it possible for controlling shareholders and related parties to tunnel through private placement.Whether listed companies make rent-seeking and how they tunnel through private placement are both new issues which need to be solved.In this article,we expect to break through the status quo,and use specific empirical research design to find out the solution to these new questions.This paper divided the whole sample of listed firms that conduct private placement from the year 2006 to 2007 into three groups to investigate the announcement effect of private placement.One is the group of large shareholders,another is the group of institutional investors,and the third is the group which does not belong to the two groups referred before.The results show that nearly 25 days before the pricing benchmark date the cumulated abnormal return decreases significantly for the group of large shareholders,giving some evidence of their tunneling through announcing bad news to lower the stock price.Furthermore,the comparison of related trading volume before and after private placement shows that both total and average volume experience significantly increase after the private placement,which supports the view of transferring wealth through private placement in another aspect.

关 键 词：定向增发 定价基准日 利益输送 

分 类 号：F832.51[经济管理—金融学]