定向增发资产注入中的利益输送问题探讨--基于资产评估的视角

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1、AbstractSincetheshare-splitreformoflistedcompanies，theenthusiasmofassets·injectingbymajorshareholdershasgreatlyincreased,andprivateplacementsofequityhasbecomethemainmodeofassets-injecting．Buttherightsasymmetryandinformationasymmetrybetweenthemajorshareholdersandminorityshareholders

2、ofthelistedcompaniesarenaturallyexisted,majorshareholdersarethemaincontrollerandoperatorwhileminorityshareholdersaredisadvantaged．Assets·injectingbypfivateplacementofequitybetweenthelistedcompanyandmajorshareholdersisadoubleconnectiontransactionprocess．Aretheassetswhichmajorshareho

3、ldersinjectintothelistedcompanyreallygoodqualityassets?Willmajorshareholderscontrolassetappraisalprocess，increasethevalueoftheinjectedassetsinthedoubleconnectiontransactiontoviolatetheinterestsoflistedcompaniesandtheminorityshareholders?Domajorshareholderstunnelorpropthelistedcompa

4、nies?Different、ⅣiⅡIthepreviousstudies，thispaperexploresthetunnelinginassets-injectingbyprivateplacementofequitybasedontheperspectiveofassetevaluation,and仃ytoanswerthosequestionsabove．Thispaperhassomesignificanceofinnovation．Basedontheagencytheoryofmajorshareholdersandminorityshareh

5、olders，theinformationasymmetrytheoryandthetunnelingandproppingtheoryofmajorshareholders，thispaperanalysestherelationshipbetweenassets—mjectingbyprivateplacementsofequityandtunneling，therelationshipbetweentheincreaserateofassetevaluationandthetunneling,andtherelationshipbetweenthein

6、creaserateofassetevaluationandtheshareholders’wealth．他paperdrawsaconclusionthattunnelingexistsinassets·injectingbyprivateplacementsofequity，andmajorshareholdersdopropthelistedcompanies．additionally-issueddirectionalasset蜘ectionandinterestsandtherelationshipbetweenthetransmissionrat

7、eandassetappraisalofstockholderwealth，conveying，interest'concludesthatthelistedcompaniesissuingdirectionalassetinjectionprocessofconveying，andistheinterestsofshareholderstotheinterestsofthelistedcompany。theshareholdersthattransportsupportlistedcompany．111edirectionalshareslistedcom

8、paniesinChina,themainpurpo