上市公司补充流动性型定增的大股东掏空问题研究——以艾比森为例

Research on the Issue of Major Shareholders’ Embezzlement in the Supplementary Liquidity Type Private Placement of Listed Companies—Taking Absen as an Example

摘要: 定向增发市场活跃的过程中，部分企业以补充流动性动机作为其定向增发的特定用途，但随之而来的却是大额现金分红等利益输送行为。本文选取艾比森作为补充流动性型定向增发以及高额现金分红的研究案例，在对艾比森的分红条件、大股东资金需求、股权结构与公司治理结构以及市场监管情况等进行分析后，最终得出艾比森补流定增后高额现金分红是大股东掏空行为的结论。本文还从上市公司、监管机构以及投资者三方面针对性地提出了降低上市公司大股东掏空行为可能性的对策建议。

Abstract: During the active process of the targeted issuance market, some companies use the motivation of supplementing liquidity as a specific purpose for their targeted issuance, but with it comes the behavior of transferring large amounts of cash dividends and other benefits. This article selects Absen as a research case of supplementary liquidity oriented private placement and high cash dividends. After analyzing Absen’s dividend conditions, major shareholder funding needs, equity structure and corporate governance structure, as well as market supervision, it was ultimately concluded that Absen’s high cash dividends after the private placement of cash flow were the embezzlement behavior by major shareholders. This article also proposes targeted countermeasures and suggestions from three aspects: listed companies, regulatory agencies, and investors to reduce the possibility of major shareholders’ embezzlement behavior in listed companies.