导　　师： 陆正华

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 定向增发也叫非公开发行，是指上市公司采用非公开方式，向特定对象发行股票的行为。在股权分置改革之前，我国上市公司权益再融资方式主要是配股、公开增发；股权分置改革之后，定向增发凭借“一简三低”的优势一度成为上市公司最受青睐的权益再融资方式，并在近几年得到迅速发展，无论在增发数量还是融资规模上都取得惊人成绩。可以说，股权分置改革的成功为定向增发的实施提供了制度动因和有力保证。但目前我国关于定向增发的相关法律法规不够健全，制度缺陷为大股东在定向增发过程中进行财富转移提供了“温床”。那么，现实中大股东控制下的定向增发是否存在财富转移？如果存在，又是通过怎样的途径进行财富转移？在财富转移过程中如何更好地保护中小股东利益？这些问题都是值得人们思考和关注的。 本文选取2008年至2010年间我国成功实施定向增发的250家沪深A股上市公司作为研究样本，对我国上市公司定向增发的财富转移进行研究。首先介绍研究背景，提出本文所要研究的问题，整理国内外文献，阐述研究思路和研究方法，为本文的研究打下基础。其次，对定向增发的制度背景、发展历程和我国上市公司定向增发的融资现状进行分析。再次，利用事件研究法和回归分析法对我国上市公司定向增发的财富转移存在性进行检验。最后，考察了定向增发的财富转移途径。 本文研究发现：（1）大股东认购定向增发新股比例大于其增发前所持上市公司股份比例时的市场反应弱于大股东认购定向增发新股比例小于其增发前所持股份比例时的市场反应，说明定向增发过程中存在财富转移；（2）大股东完全认购定向增发新股时，定价基准日前会出现股价表现弱于大盘的情况，即超额收益为负，这说明存在大股东进行财富转移的可能；（3）大股东完全认购定向增发新股时的折价水平最高，大股东不参与认购时的折价水平最低，而且存在显著的组间差异，即上市公司大股东在定向增发中可能利用定向增发折价进行财富转移；（4）财富转移（即大股东认购定向增发新股比例与其在定向增发前所持上市公司股份比例之差）与定向增发折价水平显著正相关；（5）大股东采用资产方式认购定向增发新股时的市场反应要弱于非资产方式认购时的市场反应。总之，在定向增发过程中，大股东会通过操纵折价和利用资产认购进行财富转移。 The private placement is also called non-public offering，which is the behavior of stockissued to specific objects in a listed company privately. Before the split share structure reform,Equity refinancing placements in China's Listed Companies were mainly on allotment andpublic issuance; After the split share structure reform, the private placement became the mostpopular equity refinancing placement for the listed companies with its simple advantage, andhad got a rapid development in recent years, had achieved amazing results not only onnumber but also on financing scale. It can be said that the success of the split share structurereform provided the motivation of system and a strong guarantee for the implementation ofthe private placement. But at present the laws and regulations on the private placement inChina are inadequate, the defects of the system provides a 'hotbed' for the largest shareholderto transfer wealth in the process of private placement. Then, whether there is wealth transferin private placement under the control of the largest shareholder. If there is, how the largestshareholder realizes the wealth transfer, how to better protect the interests of minorityshareholders in the process of wealth transfer, these problems are worth thinking and concerns. This paper selects250listed companies which had implemented successfully the privateplacement in Shanghai and Shenzhen A-share market from2008to2010as the study samples,and studies the wealth transfer of private placement of in China's listed companies. First weelaborates the research background, puts forward the problem, organizes domestic and foreignliterature, describes research ideas and research methods, laying the foundation for this article.Secondly, we not only analyze the institutional background and the course of development ofthe private placement, but also the present financing situation of private placement in China'sListed Companies.Then, we analyzes the existence of wealth transfer in private placement oflisted companies in China using the event study methodology and regression analysis. Finally,we analyses the way of wealth transfer in private placement. This study found that:/(1/) the market reaction of wealth transfer in was weaker than thatof wealth transfer out, that is there is wealth transfer in the process of private placement;/(2/)when the largest shareholder completely subscribe for the new sha-res of private placement,the pricing basis will appear to underperform the broader market,that is the excess returns isless than zero, and there is the possibility of wealth transfer which was manipulated by the l-argest shareholder;/(3/)The discount level when the largest shareholder completely subscribesfor the new shares of private placement is the highest, and the discount level is the lowest w- hen the major shareholder does not participate in subscription, existing significant group dif-ferences between them, so there is the possibility of wealth transfer which was manipulatedby the largest shareholder through directional additional discount in the private placement ofListed Companies;/(4/)Between he wealth transfer /(that is the difference between the propor-tion of the largest shareholders to subscribe for the new shares of directional issuance and theproportion of shares held by the largest shareholders before the directional issuance/) and thediscount level of directed issuance there is a significantly positive correlation;/(5/) The mark-et reaction when the largest shareholder subscribes for new shares of private placement by a-ssets is weaker than that of non-asset based subscription. In short, in the process of private p-lacement, the largest shareholder will transfer wealth through the manipulation of discountand utilization of assets to subscribe.

关 键 词： 定向增发 财富转移 大股东 市场反应

分 类 号： [F275 F832.51 F224]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]