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首次公开募股(IPO)和定向增发是上市公司两种重要的股权融资渠道,所融资金的利用效率高低直接决定公司的价值创造及股东的财富增长。本文基于麦趣尔IPO后立即定向增发这一事实,深入探究其中缘由。研究表明:麦趣尔IPO是其上市“圈钱”的必经之路及定向增发的先决条件,IPO后立即定向增发是其控股股东通过低价买入股票、输入不良资产以及关联交易等方式实现以掏空为目的的利益侵占行为。这不仅为我国证券市场定向增发制度完善提供了政策参考,也为利益相关者投资选择提供了经验借鉴。
Initial public offering (IPO) and private placement are two important equity financing channels for listed companies. The utilization efficiency of the financed funds directly determines the value creation of the company and the wealth growth of the shareholders. This article based on the fact that McQuay IPO immediately after the private placement, in-depth exploration of the reasons. The research shows that the IPO of McQuarr is the only way to get listed and “circle the money” and the precondition of private placement. The private placement immediately after the IPO is that its controlling shareholder buys the stock through low price, inputs the non-performing assets and the related transaction And other ways to achieve the purpose of hollowing out the encroachment. This not only provides a policy reference for the improvement of the private placement system in China’s stock market, but also provides experiences and lessons for the investment choice of stakeholders.