投资者情绪、利益输送与定向增发融资偏好  

Investor Sentiment,Tunneling and Preferences for Private Equity Placements

作　　者：李诗田[1] 宋献中[2] 

机构地区：[1]华南师范大学国际商学院,广东广州510631 [2]暨南大学管理学院,广东广州510632

出　　处：《南京审计大学学报》2016年第4期88-99,共12页Journal of Nanjing Audit University

基　　金：国家自然科学基金项目(71372166);广东省重点教研项目(2013JGXM-ZD09);广东省哲学社会科学规划青年项目(14Q16)

摘　　要：近年来,中国A股市场上市公司表现出明显的定向增发股权再融资偏好。在总结国内外研究文献的基础上,以2006—2012年间实施公开增发和定向增发募集资金的公司为研究样本,从投资者情绪、利益输送的角度对中国上市公司股权再融资的选择方式进行实证检验,结果显示:投资者情绪越低迷,公开增发利益输送效应越小,定向增发利益输送效应越大,上市公司更偏好定向增发融资;反之,则上市公司更偏好公开增发融资。因此,在中国股票市场"熊市"经历的时间要比"牛市"长得多,即投资者在大多数时间段处于情绪低迷状态的因素影响下,越来越多的上市公司转向定向增发融资是基于大股东实现利益输送的理性选择。研究结论对规范我国上市公司融资行为、有效发挥中国股票市场的资金融通功能具有积极意义。In recent years,Chinese listed companies in A-share market exhibit significant preferences for private placement in seasoned equity offering. On the basis of summing up the research literature and selecting 2006—2012 data of Chinese SEO companies in China’s A-share market,this paper makes an empirical analysis on the factors of SEO options from the perspective of investor sentiment and tunneling. The empirical results show that the more depressed investor sentiment,the smaller tunneling effect of public SEO,and the greater tunneling effect of private placement. Therefore,the listed companies prefer private placement. Otherwise,the listed companies prefer public offering. When China’s stock market continued to fall,and the investor sentiments continue to fall,the listed companies turn to private placement based on large shareholder tunneling,which is a rational choice. The conclusion of the research is of great significance for regulating the financing behavior of listed companies in China and playing the role of capital financing in China’s stock market.

关 键 词：定向增发融资 再融资偏好 投资者情绪 利益输送 公开增发融资 股权再融资方式 股票折价水平 定价机制监管 

分 类 号：F275[经济管理—企业管理]