定向增发资产注入与上市公司绩效关系的实证-研究——基于掏空与支持的视角

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1、AbstractAlongwiththeproceedingofshare-splitreformsuccessfullyandthearrivaloffullcirculationofshare，moreandmoremajorshareholdersinjecttheirunlistedassetsintothelistedcompaniesthattheyhavecontrolled．Atpresent，majorshareholders，assets-injectinghasbecomet

2、llehotspotofthesecuritymarket．Themanagementruleofsecuritiesofferingsoflistedcompaniesandmanagementruleofacquisitionoflistedcompanies，promulgatedonMay8,2006andSeptember1,2006byChinaSecuritiesRegulatoryCommission，letsitlegalthatlistedcompaniesissuePriva

3、tePlacementsofEquity(PPE)tobuyassetsofmajorshareholders．Additionally，manypoliciesalsosupportthemeanthatlistedcompaniesissuePPEtObuyhigh—qualityassetsofmajorshareholdersinordertorealizeassets—injectingofmajorshareholders．FromtheexiStingcasesofassets-in

4、jectingofmajorshareholders，PPEhasbecomethemainmodeofassets-injecting．Manyempiricalstudieshaveshownthatitiscommonphenomenonthatmajorshareholderstunnellistedcompanies．So，wedoubtwhethertheassetsinjectedarehigh。qualityassets?whatthemotivesofthemajorshareh

5、oldersare?turmellingorproppingthelistedcompanies?howitaffectstheperformanceoflistedcompanies?BasedonsampledataoflistedcompaniesinjectedassetsbyPPEsuccessfully。t11earticleanalyzesthedualrelatedpartytransactionssystemlyinordertoexplorethetunnellingorpro

6、ppingmotivationofmajorshareholdersandanswerthosequestionsabove，wherethepurposeandsignificanceofthearticlealsoliesnaturally．Thearticleanalyzestherelationshipbetweenassets．injectingbyPPEandperformanceoflistedcompaniestheoreticallyandgetstheconclusionSth

7、at：(1)Assets-injectingbyPPEenhancestheproportionofthemajorshareholdingandimprovesthedegreeofconcentrationofequity．Giventheresponsetonationalpolicy．thetheoryofmajorshareholder’Soversight，thealternativetheoryoflegalprotection，thealignmenteffect，andthemo

8、delofLLSV(2002)andFJM(2003)，majorshareholdersoflistedcompanieshaveastrongmotivationtoproplistedcompanies，ratherthantunnel．Assets-injectingbyPPECanimprovetheperformanceoflistedcompanies．(2)Theassetsinjectedarerelevanttotheassetsoflistedcompanie