掏空还是信号传递：大股东参与与定向增发折价

管理评论 ›› 2020, Vol. 32 ›› Issue (9): 266-279.

掏空还是信号传递：大股东参与与定向增发折价

王化成¹, 刘金钊², 高升好³, 卿小权⁴

1. 中国人民大学商学院, 北京 100872;
2. 北京工商大学商学院, 北京 100048;
3. 北京交通大学经济管理学院, 北京 100044;
4. 首都经济贸易大学会计学院, 北京 100070

收稿日期:2017-10-25 出版日期:2020-09-28 发布日期:2020-09-30
通讯作者: 高升好(通讯作者),北京交通大学经济管理学院副教授,博士
作者简介:王化成,中国人民大学商学院教授,博士生导师,博士;刘金钊,北京工商大学商学院讲师,博士;卿小权,首都经济贸易大学会计学院副教授,博士。
基金资助:
国家社会科学基金重大项目（18ZDA073）；国家自然科学基金面上项目（71772173；71872010）；教育部人文社科基金项目（15YJC630102）；北京工商大学青年教师科研启动基金项目（QNJJ2020-42）。

Tunneling or Signaling? An Analysis on Big Shareholder Participation and SEO Discount

Wang Huacheng¹, Liu Jinzhao², Gao Shenghao³, Qing Xiaoquan⁴

1. School of Business, Renmin University of China, Beijing 100872;
2. School of Business, Beijing Technology and Business University, Beijing 100048;
3. School of Economics and Management, Beijing Jiaotong University, Beijing 100044;
4. School of Accounting, Capital University of Economics and Business, Beijing 100070

Received:2017-10-25 Online:2020-09-28 Published:2020-09-30

摘要/Abstract

摘要： 本文考察了不同定价模式下大股东参与对定向增发折价的影响。研究发现，在定价发行模式下，大股东参与与定向增发折价正相关，这种正相关关系在公司治理环境较差的公司中更加显著；在询价发行模式下，大股东参与与定向增发折价负相关，这种负相关关系在信息不对称程度高的公司中更加显著。上述研究结果表明：只有在定价发行模式下，大股东才能够通过压低发行价格掏空上市公司；询价发行模式下，大股东参与向投资者传递了利好信号，有助于降低再融资成本。

关键词: 定向增发折价, 大股东掏空, 定价发行模式, 询价发行模式

Abstract: This paper investigates the role of big shareholder in SEO pricing under different pricing mechanisms. For SEOs using fixed-price mechanism, the SEO discount is higher when big shareholders get involved and this relation is more pronounced for firms in a poor environment of corporate governance. In contrast, the discount for SEOs employing auction pricing mechanism is lower when big shareholders participate and this relation is stronger for more opaque firms. These results imply that big shareholders tunnel through suppressing offer price only under fixed-price mechanism. In auction pricing mechanism, big shareholder participation releases good signal and thus decreases SEO discount.

Key words: SEO discount, tunneling, fixed-price pricing mechanism, auction pricing mechanism

王化成, 刘金钊, 高升好, 卿小权. 掏空还是信号传递：大股东参与与定向增发折价[J]. 管理评论, 2020, 32(9): 266-279.

Wang Huacheng, Liu Jinzhao, Gao Shenghao, Qing Xiaoquan. Tunneling or Signaling? An Analysis on Big Shareholder Participation and SEO Discount[J]. Management Review, 2020, 32(9): 266-279.

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