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送转和定向增发是A股市场上常见的两种公司行为。文章旨在从市值管理的视角,揭示上市企业送转与定向增发的内在关联及其经济逻辑。研究发现:(1)定向增发企业送转的比例与规模显著高于配对的未增发企业,而且两者的差异在增发后显著大于增发前;(2)在有外部机构投资者参与的定向增发中,企业送转的比例与规模显著高于其他类型的定向增发;(3)企业送转行为会显著影响增发折价,增发后送转企业的增发折价显著低于增发前送转(从未送转)的企业。文章研究表明,送转是A股市场上定向增发企业广为使用的一种市值管理手段,送转的规模与时机是企业与外部投资者理性博弈的结果。文章的研究不仅从市值管理角度为我国资本市场上频频出现的上市公司高送转行为提供了经验证据,而且对于监管层制定与送转和定向增发相关的政策具有重要的参考价值。
Delivery and private placement are two common corporate behaviors on the A-share market. The article aims to reveal the inherent relationship between listed companies sending and private placement and their economic logic from the perspective of market value management. The findings are as follows: (1) The proportion and size of private placement enterprises are significantly higher than that of matched non-public enterprises, and the difference between the two is significantly greater than that before issuance; (2) In private placement with external institutional investors, , The proportion and scale of enterprises sending and transferring were significantly higher than those of other types of private placement; (3) The behavior of enterprises sending and delivery would significantly affect the additional discount, and the additional discount for additional enterprises after issuance was significantly lower than that before issuance Turn) of the enterprise. The research shows that sending and transferring is a kind of market value management method widely used by private placement companies in A-share market. The scale and timing of sending and receiving are the result of rational game between enterprises and external investors. The study of the article not only provides empirical evidence for the high turnover behavior of listed companies in China’s capital market from the perspective of market value management, but also has important reference value for the regulators to formulate policies related to transfer and private placement.