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我国上市公司定向增发时发行价格相对于市场价格普遍存在较高的折扣率,大股东机会主义是造成定向增发高折扣率的重要原因。文章通过对上市公司定向增发定价过程的分解,以定向增发基准日前20个交易日股价累积超额收益率和发行价与基准价之比直接度量大股东的机会主义行为,并检验其对增发折扣率的影响。本文的研究发现:上市公司存在向大股东进行低价增发的事实,在基准价格确定以后,大股东可以通过调整发行价与基准价之比来实施其机会主义行为,从而达到攫取上市公司和其他股东利益的目的。而在询价机制引入后,大股东的机会主义行为得到了有效遏制。
China’s listed companies private placement price higher than the prevailing market price discount rate, the major shareholder opportunism is caused by the high discount rate of private placement an important reason. By decomposing the private placement process of the listed company, the article directly measures the opportunistic behavior of large shareholders by the ratio of the cumulative excess return of the stock price and the issue price to the benchmark price in the 20 trading days before the benchmark issuance, and examines its effect on the additional discount rate Impact. The research of this paper finds that listed companies have the fact of issuing low-price shares to major shareholders. After the benchmark price is determined, major shareholders can implement their opportunistic behavior by adjusting the ratio of issue price to base price, so as to achieve the goal of acquiring listed companies and others The purpose of shareholders’ interests. After the introduction of the inquiry mechanism, the opportunistic behavior of major shareholders has been effectively checked.