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论文编号：	9365
作者编号：	2120152439
上传时间：	2017/6/20 19:57:12
中文题目：	定向增发的定价基准日选取、认购对象与发行折价
英文题目：	The Pricing Base Date Selection, the New Shares Subscribers and the Discount Rate in the Directional Private Placement
指导老师：	陆宇建
中文关键字：	定向增发；定价基准日；认购对象；折价率
英文关键字：	Private Placement; the Pricing Base Date; the New Shares Subscribers; the Discount Rate
中文摘要：	2006年，我国证监会首次提出有关非公开发行的实施细则，随着时间推进，定向增发在资本市场中的地位日益重要；其中，2016年定向增发募集资金占股权融资募集资金合计的91.50%。但是由于定向增发相关细则存在漏洞，一般定向增发中存在高折价发行现象。2017年2月15日，证监会发布《关于修改〈上市公司非公开发行股票实施细则〉的决定》，将发行期首日认定为唯一的定价基准日，以期望降低折价率，遏制定向增发中存在的利益侵占行为。 本文从定价基准日的选取和认购对象两个角度着手，分析其与折价率之间的相关关系。本文利用2014年度-2016年度定向增发的样本，进行回归分析，研究发现以发行期首日为定价基准日的折价率低于以董事会决议公告日为定价基准日的折价率；且在定向增发中大股东认购的比例越高，折价率越高。为了进一步研究定价基准日的选取、认购对象与发行折价三者之间的关系，运用logit回归模型，研究发现在大股东认购的情况下，上市公司定向增发中更多地选择以董事会决议公告日为定价基准日，且大股东认购加剧了以董事会决议公告日为定价基准日的折价率。 根据本文的研究结果，在我国资本市场中，定向增发发行折价是一个普遍现象，需要对其采取措施进行遏制。结合我国证监会最近颁发的针对定向增发的修改意见，以及对定向增发行为的监管措施，本文认为监管部门应当对定向增发设置业绩门槛，规范定向增发过程中的信息披露，加强对资本市场的监管，进一步保护中小股东的合法权益。
英文摘要：	In 2006, China Securities Regulatory Commission(CSRC) put forward the directional private placement for the first time. The directional private placement has been the main way of listed companies’ equity financing with the time to advance. The amount of directional private placement raised was accounting for 91.50% of the total in 2016. However, due to loopholes of the directional private placement rules made by CSRC, there are general cases of existing the high discount. On February 15, 2017, the CSRC issued the Decision on Amending the Implementation Rules for Non-public Issuance of Listed Companies, which was recognized as the only pricing base date on the first day of the issuance period in order to reduce the discount rate and curb the existence of Interest encroachment. This dissertation firstly analyses the correlation of the pricing base date selection, the new shares subscribers and the discount rate. In this dissertation, we use the sample from 2014 to 2016 to carry out regression analysis. The study finds that the discount rate on the first day of the issue date is lower than the discount rate on the basis of the announcement date of the board of directors. The higher the proportion of shareholders to subscribe , the higher the discount rate. In order to further study the relationship among the pricing base date selection, the new shares subscribers and the discount rate, the logit regression model is used to find out that in the case of the majority shareholder's subscription, the listed company chooses the announcement date of the board of directors as the pricing base date, and the major shareholder of the subscription increases the discount rate of the announcement date of the board of directors as the pricing base date. According to the results of this dissertation, the issuance of directional private placement discount is a common phenomenon in China's capital market, which needs to take measures to curb. This dissertation argues that the regulatory authorities should set up laws for the issuance of directional private placement, standardize the information disclosure in the process of private placement and strengthen the supervision of the capital market to further protect the legitimate rights and interests of small shareholders.
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