%0 Journal Article
%T 定向增发、股权结构与投资多元化研究<br>Study of private placement, ownership structure and corporate diversification
%A 王晓亮
%A 田昆儒
%J 重庆大学学报社会科学版
%D 2015
%R 10.11835/j.issn.1008-5831.2015.04.011
%X 文章基于投资行为视角，以2007年定向增发公司为研究对象，对2008-2012年定向增发与非定向增发股权结构与投资多元化关系进行对比分析，研究发现，非定向增发公司股权结构与投资多元化不存在显著关系；与定向增发公司相比，定向增发两权分离度与上市公司投资多元化水平负相关；定向增发两权分离度与上市公司投资多元化呈“U”型曲线关系；定向增发机构投资者持股与投资多元化水平成正相关关系；定向增发公司股权制衡度与投资多元化水平呈负相关。这一发现，不仅有利于上市公司完善股权结构，提高公司竞争力，而且为监管部门对大股东行为加强监管提供一定的参考价值。<br>The papers are based on the investment behavior perspective. The private placement companies in 2007 are as the research object. Relationship between ownership structure and investment diversification are comparative analysis of private placement and non private placement from 2008 to 2012. The study finds that there is no significant relationship between company ownership structure of non private placement and diversification of investment. Compared with the private placement companies, separation of ownership of private placement and diversified investment levels negatively correlates. Degree of separation of ownership on private placement with diversified investment is “U” shaped relationship. The institutional investors holding of private placement are positively related to the level of diversified investment. The equity balance degree of private placement and investment diversification is negatively correlated. The findings are not only beneficial to improve the ownership structure of listed companies and improve the company’s competitiveness, but also help to conduct regulatory authorities to strengthen supervision on major shareholders to provide some reference value.
%K 定向增发
%K 非定向增发
%K 股权结构
%K 投资多元化&lt
%K br&gt
%K private placement
%K non private placement
%K ownership structure
%K corporate diversification
%U http://qks.cqu.edu.cn/cqdxskcn/ch/reader/view_abstract.aspx?file_no=201504012&flag=1