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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