CAJ | 학술논문

当前诸多理论对股权分置改革后定向增发成为主导的股权再融资方式给予了不同的解释，但是，多数属于在西方主流理论基础上的泛泛之谈，缺乏结合中国资本市场特定制度背景的深层次理论分析。本文从控股股东为理性人的角度，并结合当前定向增发有关理论研究成果，系统地提出了定向增发中控股股东认购股份的决策动机一资产上市、股权价值增值、维持或增加控制权、股权质押，以及在实施过程中的两种利益手段（低价认购股份和高价出售资产）。本文还分析了控股股东初始特征决定的获利空间是其决策动机的根本原因，笔者将初始特征归纳为控制权和资产保有量。因此本文的研究不但是在现有控股股东认购决策动机理论基础上的提炼和总括，而且还试图搭建符合我国现实制度背景的研究理论框架，并把对决策动机的研究延伸至控股股东先天特征，试图从本质上揭示控股股东的决策链条。
당전제다이론대고권분치개혁후정향증발성위주도적고권재융자방식급여료불동적해석，단시，다수속우재서방주류이론기출상적범범지담，결핍결합중국자본시장특정제도배경적심층차이론분석。본문종공고고동위이성인적각도，병결합당전정향증발유관이론연구성과，계통지제출료정향증발중공고고동인구고빈적결책동궤일자산상시、고권개치증치、유지혹증가공제권、고권질압，이급재실시과정중적량충이익수단（저개인구고빈화고개출수자산）。본문환분석료공고고동초시특정결정적획리공간시기결책동궤적근본원인，필자장초시특정귀납위공제권화자산보유량。인차본문적연구불단시재현유공고고동인구결책동궤이론기출상적제련화총괄，이차환시도탑건부합아국현실제도배경적연구이론광가，병파대결책동궤적연구연신지공고고동선천특정，시도종본질상게시공고고동적결책련조。
There were many theoretical literatures to explain SEO methods after split-shareholder reforms among listed companies, but most of them were built on the basis of mainstream theory in developed countries, which failed to consider the background of Chinese capital market. This paper assumed that controlling shareholders were reasonable and systemically analyzed their motivations to choose private placement as following： listing of assets, appreciation of equity value, maintaining controlling power, equity mortgage, subscribing shares with low price or selling assets with high price. This paper also generalized the original characters of controlling shareholder as controlling power and asset ownership. This paper attempted to establish the theoretical model based on the background of Chinese capital market.