定向增发、股权结构与企业风险承担研究  

Research on Private Placement,Ownership Structure and Corporate Risk-taking

作　　者：王晓亮[1] 李鹏媛 王青松[2] WANG Xiao-liang;LI Peng-yuan;WANG Qing-song(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;School of Accounting,Hunan University of Commerce,Changsha d10205,China)

机构地区：[1]山西财经大学会计学院,太原030006 [2]湖南商学院会计学院,长沙410205

出　　处：《云南财经大学学报》2018年第11期59-69,共11页Journal of Yunnan University of Finance and Economics

基　　金：教育部人文社会科学研究规划基金项目"投资者关注与定向增发定价效率:行为机理及其经济后果研究"(18YJA630112);教育部人文社会科学研究青年基金项目"产品伤害危机下异质性企业社会责任声誉对消费者宽恕的影响研究"(18YJC630175);山西省"1331工程"重点创新团队建设计划资助"会计学教学研究创新团队"(晋教科[2017]12号)

摘　　要：近年来,定向增发成为上市公司再融资的主要渠道。选用2013~2017年中国深市上市公司为研究样本,对定向增发前后股权结构与企业风险承担水平之间的关系进行研究。研究发现,定向增发之后企业风险承担水平下降,股权集中度增加,大股东更容易规避风险,形成风险厌恶型的投资态度,从而降低企业的风险承担水平,且股权制衡度和机构投资者持股比例与企业风险承担水平没有显著关系。研究结论为上市公司合理进行定向增发提供理论基础,也为监管部门制定相关政策提供有价值的参考依据。In recent years, private placement has become the main channel for the refinancing of listed companies. This paper selects the listed companies in Shenzhen Stock Exchanges in China from 2013 to 2017 as research samples, and studies the relationship between the equity structure and the risk - taking ability of the companies before and after their private placement. The study shows that after the private placement, the risk - taking level of the enterprises is decreased, own- ership concentration is increased, and the major shareholders are more likely to avoid risks, form- ing a risk - averse investment attitude, thereby reducing the risk - taking level of the companies. Ownership balance and the shareholding proportion of institutional investors have no significant re- lationships with risk - taking ability of enterprises. The conclusions of this paper provide theoretical basis for listed companies and valuable reference for regulatory authorities to formulate relevant policies.

关 键 词：定向增发 股权结构 企业风险承担 

分 类 号：F830.59[经济管理—金融学]