文献类型：期刊文献

中文题名：大股东参与、盈余管理与定向增发价格偏离

英文题名：Participation of Major Shareholders,Earnings Management and Private Placement Price Deviation

作者：宋鑫[1];阮永平[1];郑凯[1]

机构：[1]华东理工大学商学院,上海200237

年份：2017

卷号：28

期号：10

起止页码：86

中文期刊名：财贸研究

外文期刊名：Finance and Trade Research

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2017_2018】；

基金：国家自然科学基金面上项目"IPO市场机制异化的定价后果研究"(71672057);国家自然科学基金青年项目"衍生工具的使用;风险信息披露与投资者的风险感知和投资决策--基于心理和行为视角的研究"(71702104)

语种：中文

中文关键词：定向增发;大股东参与;内在价值;真实盈余管理活动

外文关键词：private placement; large shareholder participation; intrinsic value; real earnings management activities

摘要：基于定向增发行为的视角,系统分析了大股东在定向增发中的行为特点以及对定价影响的传导机制。结果表明:在大股东参与的定向增发中,定价存在两次偏离,第一次是定向增发的定价显著负向偏离股票内在价值,第二次是发行后市场价格显著正向偏离定向增发定价。进一步研究发现,导致价格偏离的原因是大股东在定价增发之前进行了负向真实盈余管理行为,负向的真实盈余管理行为在定价偏低中起到了中介作用。因此,应完善定向增发定价机制,防止大股东利用定价过程侵占中小投资者利益,进而营造公平的市场环境。
In the direction of the private placement,this paper systematically analyzes the behavior characteristics of the large shareholders and the transmission mechanism in the private placement. The research shows that there are two pricing deviation in the orientation of the large shareholders＇ participation.The first deviation is that the price of the private placement is significantly negative to the intrinsic value.The second deviation is the market price after the issuance of the market is significantly positive deviation from the price of private placement. Furthermore,the cause of the pricing deviation is that the large shareholders carry out negative real earnings management behavior before the private placement,which has played an intermediary role in the low pricing. Finally,the paper suggests that the pricing mechanism of private placement should be improved to prevent large shareholders from occupying the interests of small investors and to create a fair market environment.