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2006年5月以来,定向增发这一融资方式成为市场关注的焦点。定向增发与其他融资方式相比,不存在业绩方面的硬性规定,因此,在定向增发的过程中没有为了达到业绩条件而进行盈余管理的动机,但是,定向增发价格的制定空间很大,这为上市公司利用定向增发进行盈余管理提供了可能。同样是在上个世纪的80年代,机构投资者在全世界范围内快速发展起来。机构投资者凭借其专业的投资和庞大的资金规模,被一部分学者看成一股对上市公司的强大监督力量,机构投资者的“股东积极主义”受到长期关注。但是,机构投资者也可能为了在资本市场上谋求短期收益而进行机会主义投资行为。这些机构投资者并不真正关心公司的长期发展,也疏于对公司的监督。
Since May 2006, private placement has become the focus of the market. Private placement has no hard performance rules compared with other financing methods. Therefore, there is no motivation for earnings management in order to achieve performance conditions in the process of private placement. However, there is room for further development of private placement price Listed companies use private placement for earnings management has made it possible. Also in the 1980s, institutional investors grew rapidly around the world. Institutional investors, by virtue of their professional investment and huge capital scale, are regarded by some scholars as a powerful supervisory force for listed companies. Institutional investors have long been concerned about shareholder activism. However, institutional investors may also invest opportunistically in order to seek short-term gains in the capital markets. These institutional investors do not really care about the company’s long-term development, but also neglect the supervision of the company.