The Research On Subscription Behavior Of Major Shareholders And Price Discount Rate Of Private Placement

Private placement of listed companies has become a mainstream mode of refinancing,but the placement of the discount has been widespread concern, especially the major shareholders in the case of the subscription. The paper tries to study the relationship between the subscription behavior of major shareholders and the private placement discount rate, research the tunneling behavior of major shareholders in private placement. This has practical significance of private placement of listed companies on the healthy development.Drawing on the basis of research results at home and broad, then the paper take listed companies which has been completed A shares private placement from 2006 to 2009 as sample, uses multiple linear regression model for empirical analysis, finally draws some conclusions as follow:the subscription behavior of major shareholders have an impact on the private placement price discount rate, which is mainly from the private placement offering price to influence the price discount rate. However, the stock market also influence the price discount rate at the same time, so only when the secondary market at better prices, the major shareholders can achieve the purpose of transfer interest for their own. Then, the paper proposed some suggestions for restricting the behavior of transfer interest by major shareholders, such as complete corporate governance, define the price base date, complete the system of asset quality and value assessment, and strengthening the regulatory of price fixing.