CAJ | 학술논문

定向增发新股已经成为我国全流通时代背景下上市公司股权再融资的最主要方式。文章回顾和梳理了国内外文献关于定向增发新股折扣动因、定向增发股东财富效应、定向增发公司经营业绩、定向增发利益输送、定向增发与整体上市等方面的研究成果，并探讨了该研究领域未来进一步思考的方向。
정향증발신고이경성위아국전류통시대배경하상시공사고권재융자적최주요방식。문장회고화소리료국내외문헌관우정향증발신고절구동인、정향증발고동재부효응、정향증발공사경영업적、정향증발이익수송、정향증발여정체상시등방면적연구성과，병탐토료해연구영역미래진일보사고적방향。
The private placement has become the main way of equity refinancing in the Chinese listed companies after the reform of non-tradable shares. This paper reviews the reasons, shareholder wealth, the operating performance, tunneling and overall listing conditions of the private placement in the sample companies. It then explores some new direction in the field of the private placement research.