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现有关于定向增发折价的研究均以2007年11月之前牛市期间增发公司为样本,样本量较小,本文以我国2006年5月至2008年底包含较完整市场周期间定向增发上市公司为样本,以更为科学的折价衡量方法研究发现,定向增发股票的折价较高。且控股股东和关联股东参与认购时,定向增发股票的折价率显著高于非控股股东和关联股东认购组,控股股东认购比例越高,折价率越高,大股东通过高折价转移财富的动机越强;当大股东认购比例与原持股比例差额越大时,折价率越高,大股东的利益输送程度越高。不过,只有当市场行情较好时控股股东和关联股东才能通过定向增发顺利实现其利益输送和财富转移的目的。
The existing researches on the private placement discount are based on the sample of the additional companies in the bull market before November 2007 and the sample size is relatively small. Based on the sample of private placement in China from May 2006 to the end of 2008, In a more scientific way to measure the discount, we found that the discount of private placement is higher. When the controlling shareholder and the related shareholders participated in the subscription, the discount rate of the private placement of shares was significantly higher than that of the non-controlling shareholders and the related-shareholder subscription group. The higher the proportion of controlling shareholders subscribed, the higher the discount rate, and the greater the motivation of major shareholders to transfer wealth through high discount Strong; when the proportion of major shareholder subscription ratio and the greater the difference between the original shareholding, the higher the discount rate, the higher the degree of the interests of major shareholders delivery. However, only when the market conditions are good, can the controlling shareholder and the related shareholders achieve the goal of smooth transfer of their interests and wealth transfer through private placement.