摘要
文章重点关注面向大股东的定向增发而大股东又是以资产作为对价支付过程中的利益输送问题。到底是大股东向上市公司的利益输入呢?还是上市公司向大股东的利益输出呢?文章从两方面加以分析,一是资产质量,二是资产评估增值率。就资产质量而言,无论是单变量分析还是综合检验都显示,资产的较长期收益率是普遍下降的,说明大股东注入的并非是优质资产。从增值率上分析,结果显示资产评估增值率普遍高于行业平均水平,而评估方法和控股股东背景是影响非正常增值率的两大重要因素,审计委员会设置能起到一定的制约作用。在资产注入定向增发过程中,大股东确实存在机会主义行为,实现了利益输出。
This paper focuses on the benefits transfer in the course of private placement and assets-injecting. Whether the majority shareholders transfer benefits to the listed company or the versa？ The paper analyses from two aspects, According to assets quality, the tests all show that the earnings are generally decreasing in the long run both by univariate analysis and synthetical analysis. This suggests that the quality of injected-assets is not good. According to value-added ratio, the result is generally above the average of the industry. The assessment method and majority shareholders＇ background are the two important factors that influence abnormal value-added ratio. The board of auditors plays an important part in preventing majority shareholders from manipulating the results of assets assessment. Therefore, there really exist majority shareholders＇ opportunistic behaviors, for accomplishing benefits export.
出处
《商业经济与管理》
CSSCI
北大核心
2012年第3期75-84,共10页
Journal of Business Economics
基金
教育部人文社科青年基金项目(10YJC630319)
关键词
资产注入
资产质量
增值率
利益输送
assets-injecting
assets quality
value-added ratio
benefits transfer
