| 上市公司定向增发的利益输送研究 |
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| 引用本文： | 吴辉. 上市公司定向增发的利益输送研究[J]. 北京工商大学学报(社会科学版), 2009, 24(2): 45-51 |
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| 作者姓名： | 吴辉 |
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| 作者单位： | 北京工商大学,商学院,北京,100048 |
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| 摘 要： | 通过对2006年到2007年定向增发数据研究发现,只向控股股东等关联性股东定向增发的上市公司有压低定向增发价格向大股东利益输送的迹象,而定向增发由于非关联股东的参与,定向增发的价格没有被压低;未发现只向控股股东等关联性股东定向增发的上市公司,通过定向增发向上市公司注入不良资产达到利益输送目的的迹象;发现在定向增发的当年,有极少数上市公司通过现金分红,向大股东进行利益输送。
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| 关 键 词： | 定向增发 利益输送 发行价格 现金分红 |
| 收稿时间： | 2008-12-18 |
ResearchonTunnelinginDirectionalPrivatePlacementinListedCompanies |
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| Wu Hui. ResearchonTunnelinginDirectionalPrivatePlacementinListedCompanies[J]. Journal of Beijing Technology and Business University:Social Science, 2009, 24(2): 45-51 |
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| Authors: | Wu Hui |
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| Affiliation: | School of Accounting;Beijing Technology and Business University;Beijing 100048;China |
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| Abstract: | The study on the data of directional private placement during 2006-2007 discloses some phenomena.The listed companies,which issue stocks only to associated shareholders such as controlling shareholders,transfer benefit to related shareholders by making the issuing price low.However,due to the participation of non-associated shareholders,the issuing price for directional private placement is not made low.There is no evidence for the transfer of bad assets into the listed companies,which issue stocks only to ... |
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| Keywords: | directional private placement tunneling issuing price of stocks cash dividends |
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