定向增发：上市公司再融资及资本运作盛宴？  

Private Placement:Is the Feast of Refinancing and Capital Operation of Listed Companies?

作　　者：李文华[1] 

机构地区：[1]中国证券监督管理委员会重庆监管局,重庆400100

出　　处：《南方金融》2014年第10期70-75,共6页South China Finance

摘　　要：在当前市场环境下,定向增发已成为上市公司再融资及资本运作盛宴。本文研究结果表明,倾向融资者的制度设计、再融资监管制度套利、利用定向增发进行资本运作以实现参与各方利益是上市公司热衷于定向增发的主要原因;定向增发及其资本运作中的各种违法违规行为给资本市场带来的负面影响巨大。因此,本文建议监管部门修改完善顶层设计、强化信息披露为核心的过程监管、加大违法违规查处力度、切实加强二级市场投资者保护,以规范定向增发及其资本运作行为,保障其有序健康发展。In the current market environment, private placement has become a feast of refinancing and capital operation of listed companies. The paper shows that, the main reasons for listed companies＇ keenness on private placement are the system design of having partiality for financiers, the arbitrage of refinancing regulatory system, and the capital operation by taking advantage of private placement to achieve the interests of all parties involved. All kinds of illegal activities in private placement and its capital operation have tremendous negative impact on the capital market. In order to regulate private placement and its capital operation activities and ensure its orderly and healthy development, the proposals to the regulatory authority are revising and improving top-level design, strengthening the process regulation of which the core is information disclosure, increasing illegal investigation intensity, and enhancing the investor protection in the secondary market.

关 键 词：公司金融 股权融资 资本运作 金融监管 

分 类 号：F832.51[经济管理—金融学] F275