定向增发已经成为上市公司权益再融资的重要手段,但是定向增发的过程中广泛存在着利益输送行为,向大股东输送利益,侵害中小股东的利益。本文通过分析在上市公司定向增发过程中的利益输送问题,研究定向增发过程中利益输送形式,探讨如何有效监管增发过程中的利益输送行为。 Private placement has become an important means of refinancing equity interests of listed companies. However, there is widespread interest transfer in the process of private placement, transferring benefits to major shareholders and infringing the interests of minority shareholders. This article analyzes the problem of profit distribution in the process of private placement of listed companies, and studies the forms of benefit delivery in the process of private placement, so as to discuss how to effectively supervise the delivery of benefits in the process of additional issuance.