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定向非公开发行股票是目前上市公司最为普遍的融资方式。在定价机制上,上市公司存在着从多个维度侵害中小股东利益的现象,利用定价基准日拉低定增价格、内幕信息高抛低吸、超期停牌造成的流动性损失等,而中小股东缺乏定增价格下的权益保护机制。近年来,证监会在对于上市公司对这一现象逐步重视,频频通过窗口指导调整规则,这些政策都能够有效保护中小股东。
Directed private placement of shares is the most common way of financing listed companies. In the pricing mechanism, the listed companies have the phenomenon of infringing on the interests of minority shareholders from multiple dimensions, using the fixed price to lower the fixed price increase on the basis of the pricing date, the liquidation losses caused by the over-the-counter information being overdone, overdue suspension of trading, etc., while the minority shareholders lack Fixed price increase under the rights and interests protection mechanism. In recent years, the CSRC has gradually attached importance to this phenomenon for listed companies, frequently adjusted the rules through window guidance, and all these policies can effectively protect minority shareholders.