Information Asymmetry, Corporate Growth and Private Placement to Related Shareholders Empirical Data from China Securities Market
- 管理学院－已发表论文 
通过定向增发新股进行股权再融资已成为我国上市公司主要股权再融资工具。本文以信息不对称理论为基础,研究了公司的成长性与关联股东认购定向增发新股的关系以及认购后对公司绩效的影响。研究发现,公司的成长性与关联股东认购定向增发新股的比例呈正相关关系,进一步发现,当公司的信息不对称程度越大时,关联股东认购的成长性公司发行的定向增发新股比例也越大,关联股东认购成长性公司发行的定向增发新股比例越大,发行公司未来的绩效越好。Equity refinancing using private placement has become the main financing tool for listed companies in China. Based on asymmetric information theory, this paper studies the association between the corporation growth and the subscription for new shares in the private placement with related shareholders, also the impact on corporate performance after the subscription. The study shows that it is a positive correlation between the corporation growth and the ratio of the subscription for new shares in the private placement with related shareholders. Moreover, related shareholders are expected to subscribe more shares in the private placement issued by corporate with higher growth expectation when the degree of information asymmetry is greater, and the corporate performance in the future is better when the share of the subscription is higher.