导　　师： 宋光辉

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 2006年5月8日,中国证监会颁布了《上市公司证券发行管理办法》,市场/(再/)融资功能得以恢复,定向增发也正式成为中国资本市场的再融资方式。由于其发行门坎低、手续简便、成本低、周期短等优势,定向增发在再融资开闸后立即成为上市公司再融资的首要选择。但同时定向增发也会对新老股东之间的财富分配产生重要影响,由于其发行机制也尚存一些技术性的漏洞,加之监管层还缺乏对之监管的经验,因此在实践中出现了一些不公正、不公平的利益输送问题,这既对上市公司造成了危害,同时也损害了中小股东的利益。 首先,本文阐述了定向增发的基本特征,在我国发展的基本现状,以及在国际成熟市场中的运行状况,同时也比较了定向增发与其他股权再融资方式的异同,总结出了定向增发的优势。 接着,本文推导了定向增发机制下各利益主体的财富再分配模型,得出定向增发会使新股东财富增加,老股东财富减少,即出现了财富再分配现象。并抽象出了现实中的相关利益体的类别。 然后,论述了定向增发对相关利益体的正面影响,作为定向增发的利益基础,并引出了相关主体在财富再分配效应下的行为动机。 最后,论文针对性地提出了定向增发中相关利益体的利益协调办法,并考虑了定向增发过程中的中小投资者利益保护问题。 Since the China Securities Regulatory Commission issued'the issuance of listed companies' management approach' on May 8,2006,financing function of the capital market became to recover, and private placement became the desirable choice of listed companies .Because of its low request ,simple rule,low coasts,and short cycle,private placement is adopted quickly as a primary option of re-financing for listed companies.However,private placement will significantly impact the wealth redistribution between the shareholders.Because of the pricing mechanism flaw and lacking of supervision experience ,some unfair tunneling events occur in the prance,which has not only caused a detrimental effect on listed companies, but also expropriate minority shareholders' interests. Firstly,the paper states the characters of private placement, development status in China ,and working conditions in international mature markets, then compares difference with other means of equity financing ,and summarize its competitive advantages. Secondly,the paper analyzes the wealth redistribution effect in private placement.In the wealth redistribution model,it is found that private placement increases new shareholders' wealth,and decrease the original shareholders' wealth.The paper thus summarize the sorts of interested parties in reality. Thirdly,the paper discusses the positive impact of interested parties ,which as benefit basis in private placement.The paper thus evaluates the motivations of related part under the wealth redistribution effect. Finally,the paper give some targeted interest co-ordinating approach for related part in private placement,and then consider interest protection for vulnerable investor in private placement.

关 键 词： 定向增发 财富再分配 利益冲突 利益协调

领　　域： [经济管理]