The Study on the Correlations between the Investment Identity and Discount of Private Placement of Listed Companies in China
|School||Southwestern University of Finance and Economics|
|Keywords||private placement investment identity discount|
Since2006, directed by the equity financing way again in our country be favorred gradually, but only2006-2007in the listed company about200times by the orientation, so far in2006, there were almost800times by the orientation. By the use of directional in our country, for the listed company to raise money and to introduce strategy investors and filling the high quality assets, provides the convenience. But, practice also see a lot of the existence of the problem. One investor concerns of the directional shares is issued pricing, the theoretical research and practice are found, the listed company in directional shares subscribed for different object when, discount a difference, and when the issuers the big shareholders and related enterprises of general prep above discount when subscribe to outside investors when additional discount. The explanation have different hypothesis.In view of the above changes after2008, this paper analyzes the cause of the directional shares discount Angle, choose from2008-2011to complete directional shares of the listed company, as the sample. The subscribe of participating in the different object oriented by the factors considered different when, when the influence factor of price subscription is not large also, accordingly, this paper will samples of the different objects by subscribe to sort out, divided into big shareholder groups and outside investors group.This paper used the normative research and empirical studies the method of combining the theory in part of our country by directional briefly summarized mechanism, and analyzes the characteristics of the secondary directional pricing, through the data analysis, found that different subscription object, directed by differences discount; Then this paper by the theory of directional discount hypothesis summarized, it is respectively:conveying hypothesis, liquidity compensation benefits hypothesis, information asymmetry hypothesis and risk compensation hypothesis and supervision and effect hypothesis. This paper analyses the theoretical hypothesis, think of the existing theory is mainly aimed at different subscribe object do explain, interests transmission hypothesis and information asymmetry hypothesis can explain at present our country directional shares discount phenomenon, big shareholders participated in the discount when their interest conveying?The conclusion is that2008years later by the listed company to complete the directional, big shareholders when participated in the discount and outside investors subscribe discount difference was not significant, it and predecessor’s research conclusion is different. This paper argues that this and2008years later about the market drops, and the detailed rules for the implementation thereof "releasing some degree reducing the differences between the two. But, the big shareholders when participated in the discount is affected by the interests of the influence of conveying motivation, and the greater the motivation, the higher the discount. External investors subscribed to the discount when with relevant information asymmetry, the greater the degree of information asymmetry, investors issued the more difficult the party assessment, the higher the discount.