上市公司重组增发价格政策改革:效果与启示  

The Price Policy Reform of Reorganizing by Private Equity Placement of Listed Companies: Effect and Enlightenment

作　　者：熊发礼[1] 林乐芬 XIONG Fa-li;LIN Le-fen(School of Business,Jinling Institute of Technology,Nanjing 211169,China;College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]金陵科技学院商学院 [2]南京农业大学金融学院

出　　处：《经济体制改革》2018年第5期145-151,共7页Reform of Economic System

基　　金：江苏高校哲学社会科学基金指导项目"江苏省地区投资者保护对股权融资市场的影响研究"(2016SJD790013)

摘　　要：重组增发是我国上市公司近年来实现并购重组的重要方式,证监会令第109号大幅提高了其定价的灵活性。通过对改革前后发行折价的统计分析,并以非公开发行定价发行方式为基准进行比较分析。研究发现,改革措施由于实现了提高发行折价的中介目标而不利于投资者保护;且主要由于上市公司稳健经营的压力不足而未能实现活跃重组增发的最终目标。由此建议,应在加强投资者保护的前提下,加大上市公司退市力度以促进重组增发的健康发展。Reorganization by private equity placements is an important way for listed companies in our country to achieve mergers and acquisitions in recent years. CSRC Commission No. 109 raises the pricing flexibility substantially. This paper makes a statistical analysis on the issuance discount before and after the reform of the reorganization by private equity placements of the price policy,and compares the effect with the pricing method as benchmark of private equity placements. The study finds that the reform measures are not conducive to investor protection due to the realization of the intermediary target of raising the issue discount,and the ultimate goal of activating restructuring and reorganization is not realized due to the lack of pressure on the steady operation of listed companies. Therefore,under the premise of strengthening the investors protection,the delisting of listed companies should be stepped up to promote the healthy development of reorganization by private equity placements.

关 键 词：重组增发 价格政策 定向增发 投资者保护 

分 类 号：F830.9[经济管理—金融学]