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《定向增發(fā)資產(chǎn)注入與上市公司績效關(guān)系的實證-研究——基于掏空與支持的視角》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在學術(shù)論文-天天文庫。
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
