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我国A股市场的定向增发是指上市公司向一般不超过十名特定投资者非公开发行股票的行为。特定投资者一般包括证券公司、基金公司、资产管理公司、信托公司及少数企业和自然人。股权分置改革后,定向增发作为一种股权再融资方式得到迅速发展。本文主要从发行对象、股市周期、企业属性、定增目的以及行业属性几个方面分析了我国2006年-2016年12月30日期间定向增发概况并对定向定增的折价率影响因素进行了分析。
The private placement of China’s A-share market refers to the non-public offering of stocks by listed companies to generally not more than ten specific investors. Specific investors generally include securities companies, fund companies, asset management companies, trust companies and a handful of businesses and natural persons. After the non-tradable share reform, private placement has been rapidly developed as a method of equity refinancing. This paper analyzes the situation of private placement from 2006 to 2016 in China from several aspects such as object of issuance, stock market cycle, enterprise property, fixed increase purpose and industry properties, and analyzes the influencing factors of discount rate of directional fixed increase .