摘要
本文利用2006-2015年定向增发的样本,对增发目的(1)、交易溢价率与定向增发折价率的相关关系进行研究。实证结果表明:全样本中,有资产交易的定向增发与增发折价率显著正相关;子样本1中(2),项目融资的定向增发与增发折价率显著负相关;子样本2中(3),交易溢价率与增发折价率显著负相关。进一步研究发现:定向增发目的、交易溢价率是通过定向增发公告前一日收盘价影响定向增发折价率,而不是通过定向增发价格影响定向增发折价率。希望本文结论能够给上市公司、投资者及政府部门带来借鉴,给定向增发的相关研究带来新的视角。
This paper studies the relationship between the purpose of issuance, the premium rate and the discount of pri- vate placement. Conclusions are as follows： in the whole sample, where there is a property transaction, private placement shows a significant positive correlation with discount rate. In sample 1, private placement with project financing shows a signifi- cant negative correlation with the discount rate. In sample 2, the premium rate of the transaction is significantly negative relat- ed to the discount rate. Inference can be made that, purpose and transaction premium rate play important parts in discount rate. In addition, this paper further discovers that purpose and transaction premium of private placement affect the discount rate through the closing price of the day before announcement, rather than through issuance price. The paper intends to give a refer- ence to the private placement companies, investors and government, and brings new inspiration to future research.
出处
《中国经济问题》
CSSCI
北大核心
2018年第1期120-135,共16页
China Economic Studies
基金
本文获国家自然科学基金面上项目(71572167)的资助.
关键词
项目融资
资产交易
分析师预测
大股东认购
project financing
asset trading
analysts＇ forecasts
subscription of largest shareholders
