论文部分内容阅读
自从2006年中国证监会颁布实施《上市公司证券发行管理办法》并于股权分置改革之后,定向增发成为一种制度性的融资举措,并得到快速发展。2007年中国证监会发布实施了《上市公司非公开发行股票实施细则》,进一步规定了上市公司非公开发行股票行为。虽然定向增发有助于企业以较低的成本实现融资、并有助于企业实现整体上市、不会增加股市的即期扩容、同时还有助于巩固大股东的控制力。但是在定向增发的过程中也存在大股东控制下的财富转移行为。因此,研究大股东控制对定向增发决策、规模、折价的影响具有重要的意义。
Since China Securities Regulatory Commission promulgated the “Measures for the Administration of Securities Issuance of Listed Companies” in 2006 and the share-trading reform, private placement has become an institutional financing measure and has been rapidly developed. In 2007, China Securities Regulatory Commission promulgated and implemented the Detailed Rules for the Implementation of Non-public Issuance of Shares by Listed Companies, further stipulating the non-public issuance of stocks by listed companies. Although private placement helps enterprises to realize financing at a lower cost and help enterprises to achieve overall listing, it will not increase the immediate expansion of the stock market, and at the same time it will help consolidate the control of major shareholders. However, in the process of private placement, there is also wealth transfer under the control of major shareholders. Therefore, it is of great significance to study the influence of controlling shareholder control on private placement, size and discount.