Balance or Collusion? An Empirical Study on Ownership Balance Mechanism in Equity Private Placements of Chinese Listed Firms

被引：0

作者：

Gu, Hangyu ^{[1
]}

Ruan, Yongping ^{[1
]}

Zheng, Kai ^{[1
]}

机构：

[1] East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China

来源：

CONFERENCE PROCEEDINGS OF THE 6TH INTERNATIONAL SYMPOSIUM ON PROJECT MANAGEMENT (ISPM2018) | 2018年

关键词：

Private placements; Discount; Use of Proceeds; Ownership structure;

D O I：

暂无

中图分类号：

T [工业技术];

学科分类号：

08 ;

摘要：

We study how ownership structure affects agency problems in private placements and find evidence that the distraction of ownership structure is an effective way to reduce tunneling behaviors and protect minority shareholders in private placements. When majority shareholders subscribe securities in private placements, the offer price discount rises and more proceeds are used for capital operations. With the increase of equity balance, majority shareholders subscribe fewer securities in private placements, and even if they do subscribe, discount is lower and more funds are used for investment projects.

引用

页码：980 / 986

页数：7

共 50 条

[21] Clear and Specific Evidence in Explaining How Motivation Influences Private Placements of Equity Decisions in Chinese Listed Companies
Traore, Souleymane
Jiang, Minghui
Yuan, Xuchuan
[J]. 2017 6TH EEM INTERNATIONAL CONFERENCE ON EDUCATION SCIENCE AND SOCIAL SCIENCE (EEM-ESSS 2017), 2017, 104 : 23 - 28
[22] Ownership Structure and Corporate Governance A Empirical Study of Chinese Listed Companies
Tan, Duojiao
Yu, Silin
[J]. ADVANCED RESEARCH ON AUTOMATION, COMMUNICATION, ARCHITECTONICS AND MATERIALS, PTS 1 AND 2, 2011, 225-226 (1-2): : 1314 - 1317
[23] Does the balance of power among block shareholders have impact on top management turnover? An empirical study of listed firms in China
Xie, Jun
Zeng, Xiaotao
[J]. CHINA FINANCE REVIEW INTERNATIONAL, 2010, 1 (01) : 98 - +
[24] Directors' Incentives and Earnings Management: An Empirical Study Based on Chinese Listed Firms
Li Qin
Li Wenyao
[J]. RECENT ADVANCE IN STATISTICS APPLICATION AND RELATED AREAS, VOLS I AND II, 2009, : 1472 - 1476
[25] The effects of ownership and capital structure on environmental information disclosure: Empirical evidence from Chinese listed electric firms
Chang, Kai
[J]. WSEAS Transactions on Systems, 2013, 12 (12): : 637 - 649
[26] An empirical study on the relationship between ownership structure and firm performance in Chinese listed companies
Cao Congyan
Shi Taofeng
[J]. Proceedings of 2005 International Conference on Innovation & Management, 2005, : 528 - 531
[27] An Empirical Study on the Market Effects of Private Equity Investment: Evidence from the Listed Company in China
Duan Xinsheng
Lan Yuying
[J]. 2012 INTERNATIONAL CONFERENCE ON FUTURE INFORMATION TECHNOLOGY AND MANAGEMENT SCIENCE & ENGINEERING (FITMSE 2012), 2012, 14 : 22 - 28
[28] The empirical study on the relationship between the equity structure and the operation performance of zhejiang private listed companies
Jianhua, Jiang
Huanhuan, Yang
[J]. ISMOT'07: Proceedings of the Fifth International Symposium on Management of Technology, Vols 1 and 2: MANAGING TOTAL INNOVATION AND OPEN INNOVATION IN THE 21ST CENTURY, 2007, : 502 - 508
[29] Internal control system and mechanism of Chinese listed companies: an empirical study
Wang, Qian
Xue, Xiaorong
Yang, Dacheng
Lee, Carmen K. H.
[J]. ENTERPRISE INFORMATION SYSTEMS, 2021, 15 (01) : 105 - 130
[30] The effects of private placement on long-term shareholder wealth: Empirical evidence from Chinese listed firms
[J]. Wang, Su-Sheng, 1600, World Scientific and Engineering Academy and Society, Ag. Ioannou Theologou 17-23, Zographou, Athens, 15773, Greece (13):

← 1 2 3 4 5 →