CAJ | 학술논문

本文主要从控股大股东利益倾向和行为特征的角度,研究作为定向增发主要参与人的控股大股东对增发价格的影响。以2006～2009年完成定向增发的上市公司为样本,研究发现,增发价格的高低会受到控股大股东＂隧道效应＂和＂利益协同效应＂的共同作用：隧道效应促使增发价格降低,利益协同效应则促使增发价格随大股东持股比例的提高而升高。同时,研究还表明,控股大股东隧道动机对增发价格的抑价效应一直存在,不会随着大股东持股比例的提高而受到利益协同效应的削弱,而利益协同效应在大股东参与增发时则会受到隧道效应的弱化。这表明隧道效应的影响是主要的。
본문주요종공고대고동이익경향화행위특정적각도,연구작위정향증발주요삼여인적공고대고동대증발개격적영향。이2006～2009년완성정향증발적상시공사위양본,연구발현,증발개격적고저회수도공고대고동＂수도효응＂화＂이익협동효응＂적공동작용：수도효응촉사증발개격강저,이익협동효응칙촉사증발개격수대고동지고비례적제고이승고。동시,연구환표명,공고대고동수도동궤대증발개격적억개효응일직존재,불회수착대고동지고비례적제고이수도이익협동효응적삭약,이이익협동효응재대고동삼여증발시칙회수도수도효응적약화。저표명수도효응적영향시주요적。
This paper investigates the influence upon the private equity financing price by the controlling shareholders. It is shown that the price of the private equity financing can be influenced by the controlling shareholder＇s ＂tunneling effect＂ and ＂alignment effect＂ Tunneling effect can reduce the price, while alignment effect raises the price. Meanwhile, the research also suggests that the under - pricing effect from the controlling shareholder＇ s tunneling effect can not be weakened by the alignment effect as the controlling shareholder increases its stake, but the alignment effect can be weaken by the tunneling effect.