A Research On The Impact Of Private Placement Discount To The Tunneling By Lager Shareholders Under Securities Market Quotation

Private placement,,since the implementation of the equity division reform and development,starting to attract wide attention,become a new way to raise capital.It refers to the special subscription party(limited to 10)to issue a certain number of shares to raise funds,it is mainly in the face of the original shareholders,retail investors and related institutions,but in the actual operation for retail investors financial strength,led to a private placement is usually the controlling shareholder or its relevant affiliates or some of these institutions are strong buyers.In the capital market,private placement with a rights issue and IPO,the issue of the two traditional ways of the important way of capital of listed companies in our country.Before the share reform,IPO and rights is the leading role of the market.After the reform,the directional secondary because of its simple efficient distribution process,development has become the issue most an effective form of raising capital and the largest.Stock options way to consider this particular study,is not only beneficial to improve and standardize the equity refinancing market in our country,but also conducive to protect the interests of small and medium-sized shareholders.But the purchase is a "double-edged sword".In our country listed company equity is relatively concentrated,needs to improve securities laws and regulation level needs to improve,consider a lot of time has become the tool of big shareholders interests transmission,mainly displays in the original controlling shareholder subscribe widely is lower than the price of the external investors subscribe when prices.In terms of purchases,because mainly focused on the controlling shareholders,this undoubtedly give the controlling shareholder of tunnel behavior motive.At present,the study of private wealth transfer did not form system and profound theoretical system,is still in the aspect of theory model,this article attempts in the theoretical model is derived on the basis of hypothesized,verify the purchase big shareholder wealth transfer,exist in the process of medium and small shareholders' interests are violated,and some problems,then using the method of empirical research to continue in-depth study,confirmed that the controlling shareholder of tunnel behavior and the purchase discount rate is there is a certain correlation.Specific as follows: based on the 2010-2014 a-share listed companies in our country before and after the purchase of materials as A benchmark,the correlation analysis was carried out,mainly using the theory method,logical reasoning and empirical research methods to study,mainly from the four cuts.First,the controlling shareholder in recent years more than taking a more concealed tunnel behavior in the form of purcha se behavior and the controlling shareholder of the tunnel the purchase discount rate overall present positive correlation,that is big shareholders to join buy directional issuance,the purchase discount rate will rise;Second,the controlling shareholder to buy,the more the number of directional issuance directional issuance will present a higher discount rate;Third,in the good market environment,the behavior of big shareholders tunnel hollowed behavior underpricing effect is more significant to raise prices;In bad market environment,the behavior of big shareholders tunnel hollowed behavior of raising the price of underpricing effect is abate,in order to support company development to a low discount rate of behavior.Fourth,to strengthen the study of directional issuance experience data,sort out the purchase,through corporate governance to improve large shareholder through a private placement for the tunnel hollowed behavior.