定向增发折价影响因素的实证研究会计学专业论文.docxVIP

硕士学位论文摘 硕士学位论文 摘 要 近年来，定向增发因其具有门槛低、方式灵活等特点成为我国上市公司股权 再融资的最主要方式。绝大部分上市公司进行定向增发时，都存在一定程度的折 价，而折价必然会对上市公司原有股东的利益产生影响，尤其不利于中小股东。 本文以定向增发新股的定价作为最终落脚点，分析各种影响定价的因素，为完善 现代证券监管制度、切实保护中小投资者的利益提供建议，以更好地发挥我国资 本市场的资源配置功能。 本文使用2006年至2009年4年内进行定向增发的342家上市公司作为样本， 对我国上市公司定向增发折价率的影响因素进行了研究，通过多元回归分析及稳 健性测试，发现信息不对称程度是影响定向增发定价的主要因素之一，且信息不 对称程度越高，折价率就越大；上市公司进行定向增发时，只向大股东及其关联 投资者发行的折价率较高，发行对象中有机构投资者的定向增发折价率较低；上 市公司定向增发的股票锁定期越长，股票的流动性就越低，定向增发的折价率越 高。为了保护上市公司定向增发前原有股东尤其是中小股东的利益不受侵害，上 市公司进行定向增发时，应尽量降低增发的折价水平，减少信息不对称，提高机 构投资者的比例，并且根据上市公司定向增发对象的不同实施分类监管，或者适 度有计划地逐步缩短和统一定向增发股票的限售期。 关键词：定向增发；折价率：信息不对称；股票流动性 II 定向增发折价影响因素的实证研究Abstract 定向增发折价影响因素的实证研究 Abstract Private placement has become the primary refunding method wim equity for Chinese listed companies in these years because of its low—threshold and flexible．There always will be discount when processing private placement，which will have all affect on the original shareholders，especially on minority shareholders．This paper focus 0n the pricing of private placement by analyzing the influencing factors，which offers advise to protect minority shareholders SO as to develop resource allocation． We dealt with the discount rate of listed companies by 342 samples which were processing private placement from 2006 to 2009．By regression and robust test，we find that information asymmetry is the major factor of private placement price，the more asymmetrical the higher discount rate；If all the investors are majority shareholders and majority shareholders’related parties，the discount rate will be high，and if institutional investors participates the private placement，the discount rate will be low；The longer of the stock locked time and the lower liquidity,the discount rate will be high．In order tO protect the original shareholders，especially the minority shareholders，when processing private placement the company should try tO lower the discount rate，decrease information asymmetry,enhance the rate of the institutional investors and according tO the listed compan