我国上市公司非公开发行股票价格特性的研究.pdfVIP

摘要 2006 年 5 月证监会正式颁布《上市公司证券发行管理办法》后，近年来非公开 发行股票成为了最主要的再融资手段。上市公司非公开发行股票以来，增发折价一直 受到广泛的关注。如何公平、公正地制定增发价格是维护非公开发行对象和上市公司 其他股东利益的基础。本文尝试对我国非公开发行股票发行价格与市场价格进行比 较，探索增发折价的成因。 本文在相关理论和文献的基础上，结合我国证券市场的实际情况，采用多元线性 回归分析，分别对增发折价的信息不对称理论和利益输送动机理论进行了实证检验。 本文根据发行对象中原股东参与程度进行了分类并各自分析其成因。实证研究发现： 第一，发行对象为大股东时，增发折价程度远大于发行对象为外部投资者；第二，当 发行对象为外部投资者时，发行公司账面价值和市场价值的比值与增发折价显著负相 关，发行比例与增发折价显著正相关；第三，当发行对象为大股东，大股东购买增发 股票的比例与增发前持股比例的差额越大，增发的折价也越高。第四，当发行对象为 大股东及外部投资者时，大股东的参与降低了信息不对称的影响，但是股东参与程度 越高，增发折价程度也越高。 通过分析，非公开发行股票发行给外部投资者时，折价发行是对投资者在信息不 对称的条件下搜寻信息成本的补偿；发行给大股东时，则存在利益输送行为动机。 关键词： 非公开发行股票 定向增发 增发折价 信息不对称 利益输送动机 I Abstract After CSRC enacted The Regulation Methods of Securities Issuance by Listed Companies in May 2006, Private Placement became the mainly mean of the SEO in recent years. During the private placement, the most important key is private placement price. Since the offer price involves the interest of new investors and old investors. This paper tries to compare offer price per share with the market price and to find out the cause of discount. Based on a great amount of related literatures and combined with the practical situations in Chinese stock exchanges, this dissertation performs empirical examinations on asymmetric information hypothesis and tunneling hypothesis. This paper thinks that different kinds of investors had different cause of the discount. The findings of this dissertation are as follows. Firstly, discount is deeper when private placement issued to big shareholder than that of issued to external investors. Secondly, when private placement issued to external investors, firms with the deepest discounts have higher costs associ