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本文以银鸽投资公司定向增发为例,研究弱市环境中定向增发的定价问题,变更募集资金投向的动机和影响,定向增发对中小股东权益的稀释和公司长期经营业绩的影响。研究发现,银鸽投资本次标榜面向机构投资者的定向增发存在着上市公司向大股东进行利益输送的行为,现金认购定向增发股票并没有降低公司的财务负担、提高公司的业绩,反而因为公司治理不力,变更募集资金投向导致项目亏损,损害了中小股东利益、造成投资效率低下。
In this paper, private placement of Silver Pigeon Company is taken as an example to study the pricing of private placement in weak market environment, to change the motivation and impact of fundraising, to dilute the minority shareholders’ rights and interests and to the long-term operating performance of the company. The study found that silver pigeon investment flaunt for the private placement of institutional investors there is the transfer of interests of listed companies to the major shareholders of the act, cash subscription of private placement does not reduce the company’s financial burden and improve the company’s performance, but because the company Weak governance, change the investment orientation lead to project losses, damage the interests of small and medium shareholders, resulting in inefficient investment.