大股东持股与上市公司定向增发折价分析——以中小板企业为例.docVIP

PAGE PAGE 19 大股东持股与上市公司定向增发折价分析 ——以中小板企业为例 摘要：近年来，定向增发已发展成为我国上市公司再融资的重要手段，但作为我国资本市场上较为新颖的融资方式，我国学者在研究过程中可用的数据样本量比较小，在一定程度上影响了其结论的适用性。本文试图通过对大股东持股和上市公司定向增发折价关系的研究，为我国定向增发折价理论的完善贡献一份力。 本文首先对国内外主要文献作简单的归纳和评述，然后从理论和实证的角度分析大股东持股对上市公司定向增发折价率的影响，采用22家中小板上市企业的数据，将定增折价与增发前第一大股东持股、股权制衡指数、大股东认购比例建立回归模型，并运用SPSS17.0软件进行数据处理，得出如下结论：①中小板公司定向增发折价率与增发前第一大股东持股比例成反比；②折价率与股权制衡指数成反比；③折价率与大股东认购比例成正比。 结合以上的分析，从完善我国定增市场和保护中小股东利益的角度出发，提出相关的政策建议。 关键词：中小板企业；大股东；定向增发；折价 Analysis of The Big Shareholders And The Private placement Discount on Listed Companies——In The Case of Small And Medium Enterprise Board Listed Companies Abstract: Recent years, the private placement has become an important refinancing means for listed companies in China. But as a new refinancing means in our capital market, there are few data samples available ,which affects the applicability of the study conclusions. This paper attempts to analyse the relationship between big shareholders and the private placement discount on listed companies to improve the private placement market in China. First, this paper introduces the existing literature at home and abroad and has a brief conclusion of evaluation. Then it analyzes big shareholders and the private placement discount on listed companies in theoretical and empirical perspectives. It uses the data of 22 small and medium board listed companies.And the private placement discount, Proportion of the largest shareholder stake,shareholder index and the proportion of major shareholders to subscribe are respectively established regression models. Using SPSS 17.0 software for data processing, the following conclusions is: ①The private placement discount is inversely proportional to the Proportion of the largest shareholder stake; ②The private placement discount is inversely proportional to shareholder index; ③The private placement discount is proportional to he proportion of major shareholders to subscribe. Comprehensive the above analysis, this paper based on the starting poin