大股东认购补充流动性型定向增发的动机研究——以宁波华翔为例  

Research on the Motivation of Major Shareholders'Subscription for Targeted Supplementary Liquidity Issues:A Case Study of Ningbo Huaxiang

作　　者：张又文 刘文翠[1] ZHANG You-wen;LIU Wen-cui(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学金融学院,乌鲁木齐830012

出　　处：《管理案例研究与评论》2023年第3期337-352,共16页Journal of Management Case Studies

摘　　要：再融资新规使利用定向增发进行流动性补充的上市公司数量大幅增加,但大股东认购补充流动性型定向增发未必适用于上市公司纾困。以宁波华翔电子股份有限公司为研究对象,从流动性、股权结构变化、股权质押行为具体分析大股东认购补充流动性型定向增发的动机,基于再融资新规进一步分析其高折价率的实现路径。研究发现:补充流动性型定向增发未必可缓解上市公司的资金流动性紧张,却成为大股东提高持股比例和拥有控制权的“最优方式”;时机选择与定向增发过程中的异常现金股利派发是高折价率形成的实现路径;利用现金股利调低发行价格是大股东的利益输送行为;政策修订是大股东选择补充流动性型定向增发实现目的的深层次成因。The new rules on refinancing have significantly increased the number of listed companies that use targeted issues to supplement liquidity.However,the subscription of targeted issuance by major shareholders to supplement liquidity is not necessarily used for the rescue of listed companies.Taking Ningbo Huaxiang as the research object,this paper analyzes the motivation of major shareholders to subscribe for and supplement the liquidity oriented targeted issues from the perspective of liquidity,changes in equity structure and equity pledging behaviors,and further analyzes the realization path of its high discount rate based on the new refinancing regulations.It is found that the supplementary liquidity targeted issue is not necessarily used to alleviate the liquidity tension of listed companies,but becomes the“optimal way”for major shareholders to increase their shareholding and control.The timing and abnormal cash dividend payout in the process of the targeted issue are the path to achieve the high discount rate.The use of cash dividends to lower the issue price is a transfer of interest by major shareholders.The revision of the system is the deep-seated reason for major shareholders to choose liquidity-supplementing targeted issuance to achieve their purposes.

关 键 词：大股东 定向增发 认购动机 制度成因 

分 类 号：F832[经济管理—金融学] F270