控制权结构、信息不对称与定向增发  

Control Structure,Information Asymmetry and Private Equity Placement

作　　者：邓路[1] 王化成[2] 

机构地区：[1]北京航空航天大学经济管理学院会计系 [2]中国人民大学商学院财务与金融系

出　　处：《财贸经济》2012年第4期66-74,共9页Finance & Trade Economics

基　　金：国家自然科学基金(批准号:71072144;71002097);教育部人文社会科学研究青年基金项目(批准号:11YJC630037);教育部高等学校博士学科点专项科研基金(批准号:20111102120023)的阶段性成果

摘　　要：股权分置改革完成后,增发新股融资中的定向增发已经成为上市公司股权再融资的重要方式。本文采用Logit模型,从控制权结构和信息不对称两个角度考察了中国上市公司增发方式选择的影响因素。研究发现,上市公司终极控制人为国有性质时,更倾向于选择定向增发。对于实施定向增发的上市公司,大股东控制力越弱,更倾向于认购新增股份。信息不对称程度越大的公司更倾向于选择定向增发,并且在实施定向增发时,更倾向于选择向大股东发行。此外,上市公司拟实施整体上市时,定向增发往往伴随着资产认购。Since the non-tradable share reform completed, private equity placement has become the main financing approach when Chinese companies conducting SEO. Based,on the theory of owners factors wh structure and information asymmetry, the authors use Logit model to analyze the ich influencing the way of SEO. The empirical outcome shows that companies with state-owned final controlling shareholder are more likely to adopt the way of private equity placement; Large shareholder with weaker controlling power are more likely to subscribe the whole or part shares of the private equity placement. Companies with large information asymmetry are more likely to choose private equity placement as their way to SEO and tend to place shares to their large shareholders. Assets subscription is always accompanied with private placement when the company has the expectancy to list holistieally.

关 键 词：控制权结构 信息不对称 定向增发 

分 类 号：F276.6[经济管理—企业管理] F224[经济管理—国民经济]