定增折价率监管的有效性研究  

Research on the Effectiveness of Regulating Discount Rates for Private Placement

作　　者：马文杰[1,2] 胡玥 Ma Wenjie;Hu Yue

机构地区：[1]上海财经大学金融学院 [2]上海财经大学上海国际金融中心研究院

出　　处：《统计研究》2022年第1期59-74,共16页Statistical Research

基　　金：国家自然科学基金面上项目“定向增发的折价策略及其‘支持’与‘掏空’机制:理论与实证”(71672107)。

摘　　要：定向增发是上市公司重要的再融资工具,如何完善监管制度以保障定向增发市场平稳有序发展是全面深化改革和实现高质量发展的关键环节。结合定向增发合理折价率的决定机制及双边随机前沿模型,本文提出了有效识别"合理"与"非合理"折价的方法,并利用我国定向增发市场数据进行了实证分析。结果表明,折价率实施"九折原则"以来,我国定向增发中"折价不足";发行比例远远高于"过度折价";的比例,并且"过度溢价";增发会显著拉升股价实现利益输送。只强调限制折价比例的监管思路,既达不到有效抑制利益输送的目的,又会挫伤投资者参与定向增发投资的积极性。本文不仅对有关定向增发折价率的研究进行了有益拓展,而且为进一步优化调整定向增发折价监管方式提供了政策参考。Private placement is an important refinancing tool for listed companies. How to improve the regulatory system of private placement to ensure the steady and orderly development of the private placement market is the key link to comprehensively deepen the reform and achieve high-quality development. Combined with the decision mechanism of the reasonable discount rate of private placement and the bilateral stochastic frontier model, this paper puts forward a method to effectively identify the “reasonable” and “unreasonable” discounts, and makes an empirical analysis by using the data of China’s private placement market. The empirical results show that since the “ 10% discount principle” was implemented for the discount rate, the proportion of “insufficient discount” in China’s private placement is much higher than that of “excessive discount”, and the “excessive premium” private placement will significantly raise the stock price and realize the tunneling of interests. The regulatory idea of only emphasizing limiting the discount ratio cannot achieve the purpose of effectively restraining the tunneling of interests, but frustrate the investors from participating in private placement investment. This paper not only expands the research on the discount rate of private placement, but also provides guidance to improve the government supervision for private placement.

关 键 词：定向增发 利益输送 溢价发行 

分 类 号：F832.5[经济管理—金融学]