论文部分内容阅读
本文以2006～2008年间定向增发中控股股东向上市公司进行资产认购的公司为研究对象,主要研究大股东分别以现金认购和资产认购对公司绩效的影响。研究发现,大股东以现金认购与公司绩效呈正相关,而大股东以资产认购与公司绩效呈负相关;资本市场投资者对大股东的资产认购方式做出了明显的反应;认购资产的评估增值率与公司绩效呈明显的负相关。本文结论对投资者投资决策,政府部门进一步完善定向增发监管政策有一定的借鉴意义。
In this paper, 2006-2008 private placement of listed companies in the controlling shareholder of listed companies to subscribe for assets for the study, the main study of major shareholders respectively, cash subscription and asset subscription on the company’s performance. The study found that the major shareholders in cash subscription and the company’s performance was positively correlated, while the major shareholder of asset-based subscription and corporate performance was negatively correlated; capital market investors to major shareholders of asset subscription made a clear response; There is a clear negative correlation between rate and corporate performance. The conclusion of this paper is of some reference to investors’ investment decision-making and government departments to further improve the regulation of private placement.