CAJ | 학술논문

股权分置改革完成后，增发新股融资中的定向增发已经成为上市公司股权再融资的重要方式。本文采用Logit模型，从控制权结构和信息不对称两个角度考察了中国上市公司增发方式选择的影响因素。研究发现，上市公司终极控制人为国有性质时，更倾向于选择定向增发。对于实施定向增发的上市公司，大股东控制力越弱，更倾向于认购新增股份。信息不对称程度越大的公司更倾向于选择定向增发，并且在实施定向增发时，更倾向于选择向大股东发行。此外，上市公司拟实施整体上市时，定向增发往往伴随着资产认购。
고권분치개혁완성후，증발신고융자중적정향증발이경성위상시공사고권재융자적중요방식。본문채용Logit모형，종공제권결구화신식불대칭량개각도고찰료중국상시공사증발방식선택적영향인소。연구발현，상시공사종겁공제인위국유성질시，경경향우선택정향증발。대우실시정향증발적상시공사，대고동공제력월약，경경향우인구신증고빈。신식불대칭정도월대적공사경경향우선택정향증발，병차재실시정향증발시，경경향우선택향대고동발행。차외，상시공사의실시정체상시시，정향증발왕왕반수착자산인구。
Since the non-tradable share reform completed, private equity placement has become the main financing approach when Chinese companies conducting SEO. Based,on the theory of owners factors wh structure and information asymmetry, the authors use Logit model to analyze the ich influencing the way of SEO. The empirical outcome shows that companies with state-owned final controlling shareholder are more likely to adopt the way of private equity placement; Large shareholder with weaker controlling power are more likely to subscribe the whole or part shares of the private equity placement. Companies with large information asymmetry are more likely to choose private equity placement as their way to SEO and tend to place shares to their large shareholders. Assets subscription is always accompanied with private placement when the company has the expectancy to list holistieally.