控股股东资产注入行为及其影响因素研究

Research on Majority Shareholders’ Behavior of Assets-Injecting and Its Influencing Factors

摘要: 本文通过两方面的比较，运用Logistic 回归来研究控股股东在资产注入定向增发事件中的行为选择。在是否注资增发的行为选择中，研究发现市价或基准价格越低于每股内在价值的企业进行定向增发、大股东进行资产注入的可能性越大。其中关联交易程度和股权集中度对该决策具有显著影响，充分说明了控股股东进行注资增发的动因主要在于控制权巩固的激励及减少关联交易做强上市公司的同时获取更多收益。在是否以资产作为对价支付的行为选择中，控股股东确实存在选择偏好。且控股股东持股比例增加率及公司规模对方式选择有显著影响。没有发现控股股东背景对上述决策有显著影响。资产负债率等传统的解释股权再融资的控制变量在这里也缺乏解释力。

Abstract: This paper uses Logistic regression model to research majority shareholders’ behavior choices in the event of assets-injecting of private placement. It compares in two aspects. In the choice of whether to inject assets or not, this paper discovers that the companies whose market prices or benchmark prices are lower than their intrinsic value are more able to issue stocks to specific objects and their majority shareholders are more able to inject assets. Related transaction level and HERF are the two main factors which influence majority shareholders’ decision-making markedly. That suggests the main aims of majority shareholders’ injecting assets in private placement are solidifying control rights and reducing related transaction in order to improve listed companies and meanwhile wish to gain more profits in the future. In the choice of whether to purchase by assets or cash, this paper discovers that there really exists majority shareholders’ preference. Increment rate of shareholding ratio and size of the company are the two main factors which influence majority shareholders’ decision-making significantly. This paper doesn’t discover that majority shareholders’ background has prominent influence on the decision-making. Also, control variables such as asset-liability ratio which used to explain secondary equity offering traditionally can’t explain here.