风险投资影响了企业定向增发折价率吗?  

Does Venture Capital Affect the Underpricing Rate of Listed Companies’ Private Placement?

作　　者：宋贺 李曜[2] 龙玉 Song He;Li Yao;Long Yu(Finance School,Shanghai University of International Business and Economics,Shanghai 201620,China;Finance School,Shanghai University of Finance and Economics,Shanghai 200433,China;China Europe International Business School,Shanghai 201206,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海财经大学金融学院,上海200433 [3]中欧国际工商学院,上海201206

出　　处：《财经研究》2019年第10期59-72,共14页Journal of Finance and Economics

基　　金：国家社会科学基金项目(13BJL038);上海市哲学社会科学规划青年基金项目(2018EJB008)

摘　　要：定向增发是资本市场再融资的主要手段,涉及财富在新老股东之间的重新分配。风险投资作为重要的机构股东,在其支持上市的公司中是否会对定向增发效率产生影响呢?文章以创业板上市公司在2012年6月至2018年6月期间完成的定向增发事件为样本,系统研究了风险投资对其支持的上市企业定向增发折价率的影响。结果发现:(1)风险投资能够显著降低定向增发折价率。(2)在面向内部大股东的定增中,风险投资主要发挥监督效应,降低增发前的盈余管理,缓解大股东的利益输送;在面向外部机构投资者的定增中,风险投资主要发挥认证效应,提升公司股票信息度,缓解外部机构投资者的信息不对称;在同时面向内部大股东和外部机构投资者的定增中,监督效应和认证效应均存在。(3)进一步研究显示,在2017年2月中国证监会出台定增新政后,风险投资降低企业定增折价率的效应依旧存在。文章拓展了风险投资在股票私募发行中的监督和认证功能研究,丰富了关于定增高折价形成机理的文献,也为监管部门完善企业定向增发政策提供了有益启示。The private placement of listed companies involves wealth reallocation between original and new stakeholders,and it is also one of the hidden channels for large shareholders to tunnel their interests.It not only infringes on the interests of small and medium shareholders,but also reduces the market efficiency.The existing literature focuses on the main stakeholders of private placement including large shareholders,individual shareholders and institutional investors,neglecting VC shareholders.With the development of VC in China,more and more listed companies have been backed by VC before listing recently.This means that VC is a vital stakeholder in the process of private placement.The underpricing of private placement is analogous to that of the IPO underpricing puzzle.How does VC affect the underpricing of private placement?The answer to this question is critical to prevent the imbalance of interest distribution,improve the efficiency of resource allocation,and protect the interests of small investors.This paper collects the data of private placement between June 2012 and June 2018 in the ChiNext Board from Wind database.We categorize the samples into three types:private placement with incumbent major shareholders,private placement with outside institutional investors and private placement with both.Then we explore the impact of VC on the three types of private placement and try to analyze the underlying mechanism of the impact.The main finding is that VC can significantly reduce the underpricing rate of private placement.If private placement is with incumbent large shareholders,the supervisory effect of VC investors can alleviate the tunneling of large investors,which is manifested by reducing the earnings management before private placement.If private placement is with outside institutional investors,the certification effect of VC can reduce the information asymmetry for institutional investors,which is manifested by enhancing the information content of the company’s stocks.It also illustrates that the new pr

关 键 词：定向增发 风险投资 监督效应 认证效应 

分 类 号：F832.48[经济管理—金融学]