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ID:36792995
大小:2.06 MB
页数:42页
时间:2019-05-15
《定向增发资产注入中的利益输送问题探讨--基于资产评估的视角》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AbstractSincetheshare-splitreformoflistedcompanies,theenthusiasmofassets·injectingbymajorshareholdershasgreatlyincreased,andprivateplacementsofequityhasbecomethemainmodeofassets-injecting.Buttherightsasymmetryandinformationasymmetrybetweenthemajorshareholdersandminorityshareholders
2、ofthelistedcompaniesarenaturallyexisted,majorshareholdersarethemaincontrollerandoperatorwhileminorityshareholdersaredisadvantaged.Assets·injectingbypfivateplacementofequitybetweenthelistedcompanyandmajorshareholdersisadoubleconnectiontransactionprocess.Aretheassetswhichmajorshareho
3、ldersinjectintothelistedcompanyreallygoodqualityassets?Willmajorshareholderscontrolassetappraisalprocess,increasethevalueoftheinjectedassetsinthedoubleconnectiontransactiontoviolatetheinterestsoflistedcompaniesandtheminorityshareholders?Domajorshareholderstunnelorpropthelistedcompa
4、nies?Different、ⅣiⅡIthepreviousstudies,thispaperexploresthetunnelinginassets-injectingbyprivateplacementofequitybasedontheperspectiveofassetevaluation,and仃ytoanswerthosequestionsabove.Thispaperhassomesignificanceofinnovation.Basedontheagencytheoryofmajorshareholdersandminorityshareh
5、olders,theinformationasymmetrytheoryandthetunnelingandproppingtheoryofmajorshareholders,thispaperanalysestherelationshipbetweenassets—mjectingbyprivateplacementsofequityandtunneling,therelationshipbetweentheincreaserateofassetevaluationandthetunneling,andtherelationshipbetweenthein
6、creaserateofassetevaluationandtheshareholders’wealth.他paperdrawsaconclusionthattunnelingexistsinassets·injectingbyprivateplacementsofequity,andmajorshareholdersdopropthelistedcompanies.additionally-issueddirectionalasset蜘ectionandinterestsandtherelationshipbetweenthetransmissionrat
7、eandassetappraisalofstockholderwealth,conveying,interest'concludesthatthelistedcompaniesissuingdirectionalassetinjectionprocessofconveying,andistheinterestsofshareholderstotheinterestsofthelistedcompany。theshareholdersthattransportsupportlistedcompany.111edirectionalshareslistedcom
8、paniesinChina,themainpurpo
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