信息不对称、公司成长性与关联股东参与定向增发——来自中国证券市场的经验数据  

Information Asymmetry, Corporate Growth and Private Placement to Related Shareholders Empirical Data from China Securities Market

作　　者：章卫东[1] 李斯蕾[1] 黄轩昊 

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]厦门大学管理学院,福建厦门361005

出　　处：《证券市场导报》2016年第2期19-27,共9页Securities Market Herald

基　　金：章卫东教授主持的国家自然科学基金项目"地方国有上市公司定向增发资产注入动机及经济后果研究"(项目号:71262004)的阶段性研究成果

摘　　要：通过定向增发新股进行股权再融资已成为我国上市公司主要股权再融资工具。本文以信息不对称理论为基础,研究了公司的成长性与关联股东认购定向增发新股的关系以及认购后对公司绩效的影响。研究发现,公司的成长性与关联股东认购定向增发新股的比例呈正相关关系,进一步发现,当公司的信息不对称程度越大时,关联股东认购的成长性公司发行的定向增发新股比例也越大,关联股东认购成长性公司发行的定向增发新股比例越大,发行公司未来的绩效越好。Equity refinancing using private placement has become the main financing tool for listed companies in China. Based on asymmetric information theory, this paper studies the association between the corporation growth and the subscription for new shares in the private placement with related shareholders, also the impact on corporate performance after the subscription. The study shows that it is a positive correlation between the corporation growth and the ratio of the subscription for new shares in the private placement with related shareholders. Moreover, related shareholders are expected to subscribe more shares in the private placement issued by corporate with higher growth expectation when the degree of information asymmetry is greater, and the corporate performance in the future is better when the share of the subscription is higher.

关 键 词：定向增发新股 关联股东 非关联股东 公司成长性 信息不对称 

分 类 号：F830.9[经济管理—金融学]