商业研究

商业研究

• 商经理论 • 上一篇    下一篇

大股东为什么积极参与定向增发？ ——基于大股东减持定向增发限售股的分析

王力   

  1. 上海财经大学 金融学院，上海〓200433
  • 收稿日期:2016-10-08 出版日期:2017-03-03
  • 作者简介:王力（1984-），男，湖北黄冈人，上海财经大学金融学院博士研究生，研究方向：公司金融、市场微观结构。
  • 基金资助:
    上海财经大学研究生创新基金资助项目“市场错误定价下中国投资者投资行为研究”，项目编号：CXJJ-2012-381。

Why do the Large Shareholders Participate in Private Placement Actively? ——An Analysis based on Large Shareholders′ Stock Selling of Private

WANG Li   

  1. School of Finance, Shanghai University of Finance and Economics, Shanghai 200433,China
  • Received:2016-10-08 Online:2017-03-03

摘要： 以2006-2012年的定向增发事件为背景，考察大股东减持定向增发限售股的行为，证明其择时减持定向增发限售股获得超额收益是大股东积极参与定向增发的主要动机，其择时能力来源于大股东对于上市公司的控制力和影响力，并且大股东减持行为很可能给其他股东以及中小投资者的利益造成损害。

关键词: 定向增发, 大股东减持, 超额收益, 择时能力

Abstract: Taking 2006-2012 private placement events as context, the paper investigates large shareholders′ stock selling of private placement restricted shares, proving large shareholders getting excess income by their timing stock selling of private placement restricted shares is large shareholders′ main motivation to participate in private placement, the market timing ability is associated with their control-degree and influence ability to listed corporates, and their stock selling could encroach on small and medium-sized shareholders′ benefit.

Key words: private placement, stock selling, excess income, market timing ability