机构投资者和大股东对定向增发折价率影响研究-投资学专业论文.docxVIP

机构投资者和大股东对定向增发折价率影响研究Research 机构投资者和大股东对定向增发折价率影响研究 Research about the Impact of Institutional Investors and Major Shareholders on the Discount Rate of Private Placement Abs仃act ’I‘he Management for Insurance of Securities by Listed Companies has been published in May，2006．Since then，the private placement of listed companies in China has been widely supported and becomes one of the most important refinancing methods in recent years．During the implementation of the private placement program by Listed Companies，the most significant feature is the discount rate on insurance price．A large number of studies have indicated that this iS a way of transmission of the interests for the major shareholders．In addition to major shareholders，another important category of participants in the private placement process are institutional investors．In recent years．the rapid development of institutional investors has attracted a lot of attention in capital market．Their specialty and scale of investment have become a major force in the capital market．Some scholars found that in the private placement case where there are institutional investors participating in，the discount rate will be significantly reduced，which shows that institutional investors to a certain extent， regulate the private placement market． This paper reviewed many researches on the discount on prices of private placement did by domestic and abroad scholars，combined theoretical analysis and empirical research to test the effects of two important categories of participants，namely major shareho lders and institutional investors，on the discount rate in private placement processes．In this paper，we used private placement cases from the year 2006 to the end of 20 1 4 as the research sample， firstly，tested the effects of the major shareholders on the discount rate of private placement． Though this issue has been tested before．several scholars used the latest samples in China to prove．Secondly，we tested the effects of the insti