我国上市公司定向增发折价率影响因素的研究探究新.pdfVIP

Finance 金融, 2018, 8(1), 14-25 Published Online January 2018 in Hans. /journal/fin /10.12677/fin.2018.81002 Research on Influential Factors of Private Placement Discount Rate in China’s Listed Companies Yong Li, Qingqing Ma Donghua University, The Glorious Sun School of Business and Management, Shanghai th th th Received: Dec. 18 , 2017; accepted: Jan . 4 , 2018; published: Jan . 15 , 2018 Abstract In this paper, we use principal component analysis to extract and classify many variables that af- fect the discount rate of private placement, in order to determine the extent to which these prin- cipal components affect the discount rate of private placement. The main conclusions of this paper are as follows: 1) Among the many factors affecting the rate of private placement discount, infor- mation asymmetry factors have the greatest impact on it and have a positive correlation with it. 2) Market conditions are the second largest factor and have a positive correlation with it. 3) The ob- ject of distribution, the subscription ratio of major shareholder and the difference between the subscription ratio of the major shareholder and the original shareholding ratio, all of these have positive correlations with the discount rate, and then verify the hypothesis of benefit transfer. 4) The volatility of individual stocks and the systematic risk of individual stocks which represent the cost constraint of liquidity constraints, are all positively correlated with the discount rate. In other words the larger the volatility of individual stocks, the higher the systemic risk of individual stocks, and the more liquidity constraint costs high, the higher the discount rate, and then verifies the liquidity