【作者】 张弛；

【导师】 徐晓东；

【作者基本信息】 上海交通大学 ， 工商管理（MBA）（专业学位）， 2015， 硕士

【摘要】 定向增发由于兼具发行程序简便、门槛低、融资周期短等优点,已成为上市公司再融资的重要工具,但是由于我国资本市场起步较晚,相关法律和监管机制尚不健全,导致上市公司大股东可能会在定向增发前后进行盈余管理,通过减持达到利益输送的目的,从而伤害了中小股东的利益。本文以通葡股份的定向增发为线索,系统性的分析了通葡股份的各项财务指标及盈余管理的情况,剖析公司大股东进行定增及减持的真实动机,通过对公司定向增发前后盈余管理方式的比较,判断公司大股东是否在定向增发过程中通过减持套利实现利益输送。通过对通葡股份案例的一系列分析发现公司多次利用定增利好抬高股价,并伺机大肆减持,进而在定增失败股价下挫到最低点时再次提出低价定增预案。在此案例中,由于大股东强烈的利润转移动机,持续性的大幅减持,导致公司的经营业绩一直未见好转,公司实质上沦为了大股东套利的工具。本文的案例研究给予我们的启示是:定向增发需要真正发挥其改善公司治理结构,优化资源配置的作用,还需要完善配套法律,充分发挥监管机构的作用。更多还原

【Abstract】 Due to the advantages of simple,low threshold and short period of financing,private placement has become an important tool for the listing Corporation.However,due to the late start of China’s capital market,the relevant laws and regulatory mechanisms are not perfect,leading to the listing Corporation’s major shareholders may be in the direction of earnings management before and after the private placement.This article is based on the orientation of private placement of Tonghua Wine Share,systematicly analysis the financial indicators and earnings management of the company,and the real motivation of private placement and holding reduction,through the comparison of earnings management before and after the issuance of the company’s private placement,to determine whether the large shareholders in the private placement process through holding reduction to arbitrage.By aseries of analysis of Tonghua Wine Share case,we found that company raised the stock price by good news many times,and took the opportunity to sell stock,when the stock price went down to the lowest point of,they would raise another private placement plan again.In this case,due to the large shareholders’ strong profit transfer motivation,sustained reduction,leading to the company’s operating performance has not improved,the company is essentially a tool for large shareholder arbitrage.In this paper,the case research is given to us: the orientation of private placement needs to play its role in improving corporate governance structure,optimizing the allocation of resources,but also need to improve the supporting laws and give full play to the role of regulatory agencies.更多还原