研究生: |
傅強 Fu,Chiang |
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論文名稱: |
中國上市公司定向增發利益輸送行為之探究 Tunneling Evidence from Private Placements in China |
指導教授: | 陳慧玲 |
學位類別: |
碩士 Master |
系所名稱: |
管理研究所 Graduate Institute of Management |
論文出版年: | 2010 |
畢業學年度: | 98 |
語文別: | 中文 |
論文頁數: | 50 |
中文關鍵詞: | 定向增發 、定向增發折價 、公司治理 、營運績效 |
英文關鍵詞: | Private placement, discount for private placement, corporate governance, operating performance |
論文種類: | 學術論文 |
相關次數: | 點閱:220 下載:5 |
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本研究旨在檢視中國上市公司定向增發認購人類型對於公司定向增發折價幅度之影響,以探究定向增發利益輸送行為。本研究亦檢視公司治理結構與私募股權折價幅度之關聯性。本研究並進一步檢視相對於配對公司,定向增發公司於定向增發後績效為何。
實證結果顯示,對於大股東或內部人進行定向增發,其折價幅度顯著高於對機構投資人進行定向增發。前三大股東持股比例越高,定向增發折價幅度越大。此外,當定向增發對象為大股東,實際控制人為民營企業,則定向增發折價幅度亦越大。在定向增發後之公司績效部分,與配對公司相比較,定向增發公司之Tobin Q值顯著較低,同時,定向增發公司相對於配對公司而言,有較差的總資產周轉率與較低的營業收入增長率,顯示公司於定向增發後並未對公司的營運有顯著的正向幫助。
This study aims to examine the association between discounts for private placements and the identity of the investors buying the shares in China. This study also examines the impact of corporate governance on discounts for private placements. This study further examines whether the private equity firms outperform matching firms after the private placements.
The empirical results show that discounts for private placements sold to large shareholders were significantly higher than the discounts for private placements in which large shareholders do not participate. In addition, the percent of stocks held by the three largest shareholders was significantly related to the discounts for private placements. When private placements sold to large shareholders, the identity of the controlling shareholders has an impact on the discounts for private placements. Furthermore, this study finds that the Tobin’s Q of the private placement companies is significantly lower than that of the matching firms after private placement. The private placement companies have lower total asset turnover and sales growth rate than matching companies. Therefore, the empirical results suggest that the private placement firms underperform matching firms after private placement.
壹、中文部分:
中華人民共和國上市公司証券發行管理辦法(2006年)。
中華人民共和國公司法(2005年修訂)。
中華人民共和國證券法(2005年修訂)。
王崇(2008)。上市公司股權融資選擇:私募還是公募。經濟管理,17。頁54-59。
徐曉靜(2008)。我國A股上市公司定向增發動機的實證分析。企業經濟。頁158-160。
陳政(2008)。非公開發行折價、大小股東利益衝突與協同。證券市場導報。頁28-35。
章衛東(2007)。定向增發新股、整體上市與股票價格短期市場表現的實證研究。會計研究,12。頁63-68。
章衛東(2008a)。上市公司股權再融資方式選擇:配股、公開增發新股、定向增發新股?。經濟評論。頁71-81。
章衛東(2008b)。定向增發新股、投資者類別與公司股價短期表現的實證研究。管理世界。頁179-180。
章衛東與李德忠(2008),定向增發新股折扣率的影響因素及其與公司短期股價關係的實證研究,會計研究,9,73-80。
黃建歡與尹筑嘉(2008)。非公開發行、資產注入和股東利益均衡:理論與實證。證券市場導報。頁26-42。
劉立學(2008)。中國上市公司定向增發發行公告股價效應的實證研究。科技創業月刊。頁40-42。
鄭琦(2008)。定向增發對象對發行定價影響的實證研究。證券市場導報。頁33-36。
貳、英文部分:
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Hu, F. (2008). Government incentives, top management turnover and accounting information: evidence from China’s SOEs. Working paper.
Kahn, C. & Winton, A. (1998). Ownership structure, speculation, and shareholder intervention. Journal of Finance 53, 99–129.
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Shleifer, A. & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.
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Wu, Y. L. (2004). The choice of equity-selling mechanisms. Journal of Financial Economics 74, 93-119.