大股东认购对定向增发定价的影响——基于竞价发行方式下统一价格拍卖机制的分析  

The Influence of Large Shareholders’ Subscription on the Pricing of Private Placement: An Analysis of Unified Price Auction Mechanism Based on theCompetitive Issuance Mode

作　　者：杨鸣京 YANG Ming-jing(Southwest University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《当代财经》2022年第10期126-136,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“高铁开通、要素流动与公司投资行为研究”(71872010);西南财经大学教师教学发展中心项目“课程教学范式转变的实践与探索”(jxfz-2022-kt04)。

摘　　要：有文献认为,定向增发是大股东进行利益输送的工具。然而,在定向增发的竞价发行方式下,大股东参与认购不能进行报价,只能以投资者的竞价结果并按事先承诺认购的股份数进行认购,因此大股东操控发行价格的空间和方式会受到抑制。那么,大股东参与定向增发认购会对投资者的报价行为和发行价格产生影响吗?以2006—2021年采用统一价格拍卖机制进行定向增发的事件为研究样本,检验了竞价发行下大股东参与认购对投资者报价行为和发行定价的影响。研究表明,大股东参与认购向投资者释放了积极的信号,提高了投资者的报价水平和申购数量,进而提升了发行价格并降低了发行折价。机制检验表明,大股东是通过影响投资者需求曲线形态来影响发行折价的,而不是大股东和参与竞价的投资者合谋,也不是大股东在认购前隐藏了坏消息。According to some literatures, private placement is a tool for large shareholders to transfer their interests. However, under the bidding issuance mode of private placement, major shareholders participating in the subscriptioncannot make offers but only subscribe based on the bidding results of investors and according to the number of shares they have promised to subscribe in advance. Therefore, the room and way for major shareholders to control the issuance price will be restrained. Then,will the participation of major shareholders in the subscription of private placement have an impact on investors’ quotation behavior and the issuance price? Taking the event of private placement with the unified price auction mechanism from 2006 to 2021 as the research samples, this paper tests the impact of major shareholders’ participation in subscription on investors’ quotation behavior and issuance pricingunder the competitive issuance mode. The findings show that the participation of large shareholders in the subscription releases a positive signal to investors, improves the level of investors’ quotation and the number of subscriptions, thereby increasing the issuance price and reducing the issuance discount. The mechanism test shows that the major shareholders affect the issuance discount by influencing the shape of the investor demand curve, rather than the collusion between the major shareholders and the investors participating in the bidding, or the major shareholders hiding bad news before the subscription.

关 键 词：大股东认购 统一价格拍卖 定向增发 投资者报价 发行折价 

分 类 号：F257.1[经济管理—国民经济]