定向增发、资产注入与大股东侵害

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1、浙江工商大学博士学位论文定向增发、资产注入与大股东侵害PRIVATEPLACEMENT,ASSETS—INJECTINGANDⅣ队JORITYSHAREHOLDERSDn7=f～SIONABSTRACTStock—liquidityreformhasresolvedthecapitalmarket’Sendogenousandinstitutionaldeficienciesofourcountry．Differentkindsofshareholders’interestsbegintoreachunanimity．However,duetotheimpactofaserieso

2、ffactorssuchasculture，institution，legalenvironment，andthenonefundamentallyresolvedproblemofstructuraldefectofsingle—largeshareholder,Majorityshareholders’invasionofsmallandmediumsizedshareholders’benefitsstillexistinpracticeaftertheendingofthisreform．，butmoresubtleandcomplex．Itismorelikelytobr

3、eedthemajorityshareholders’benefitinvasionintheeventoflistedcompanies’privateplacementandmajorityshareholders’assets—injectingtheoretically,forthisisadoublerelatedtransactionintheOOUl暑eofbuyingandselling．Thispaperusesnormativemethods，empiricalmethodsandcomparativeanalysistoresearchthemajoritys

4、hareholders’invasionof4浙江工商大学博士学位论文定向增发、资产注入与大股东侵害smallandmediumsizedshareholders’benefitsintheeventofprivateplacementandassets-injecting．Themainresearchworkandbriefconclusionsofthispaperareasfollows：(1)Testthequalityofmajorityshareholders’injectedassetsbyempiricalresearch：Usethemethodsofsingl

5、eindexanalysis，comprehensiveperformanceanalysis，partnershipsamplescomparisonandmultipleregressionanalysisbytakingthecomprehensiveperformancemarksasoriginvariable，alltheresultsstatethatthemediumandlongperformanceoftheinjectedassetsisnotgood，theassetsarenothighquality．(2)Comparetheinjectedassets

6、’revaluationrate，whichcalculatedallbymanual，withtheindustryaverage，discoverthattherateisgenerallyabovetheindustryaveragelevel．(3)Testtheexistenceofearningmanagementbehaviorsbeforeoraftertheevents：descriptionstatistics，partnershipsamplecomparisonandmultipleregressionanalysisalldemonstratethatth

7、ereexistseamingmanagementsintheeventofprivateplacement，anditismoreoutstandinginbullmarket：thereisnegativemanagementbeforetheeventandpositivemanagementaftertheevent．Thenattributethepositiveperformancetotheinjectedassetswhichisreallylowqu