| Since the establishment of Chinese stock market,a large number of companies have acquired the funds needed to achieve their own development through stock financing,that relieve the company’s capital constraints,and optimize the allocation of resources.In May 8,2006,our country issued the management measures for the issuance of securities of listed companies,and the directional addition as an equity refinancing method entered the capital market of our country.Because the issuance threshold and the cost of private placement is low,it is more convenient for companies to acquire and restructure.Equity refinancing through private placement has become a trend of the listed company.In the market of private placement of our country,the high discount rate is a widespread phenomenon,and the discount rate is obviously higher than that of the developed countries,such as the United States and Japan.Therefore,many scholars have studied the reasons for the high discount rate.At present,most of the research about the high discount rate focused on the control of shareholders,form of subscription,asymmetric information,related transactions and the method of asset injection.Some scholars studied the economic consequences or market reaction caused by private placement,for exploring that whether the large shareholders’ participation is the interest transferring or propping.In view of the advantage of Institutional governance and the function of optimizing the allocation of resources caused by private placement,this paper selects the change of total factor productivity(TFP)in one year as a measure of capital allocation efficiency in order to study the private placement comprehensively.It found that regardless of whether large shareholders participate in the private placement,the efficiency of capital allocation will be optimized。It also found that the discount rate,large shareholder participation degree,the proportion of large shareholders is positively correlated with TFP.This indicates that a high discount rate is not the performance of interest delivery,but the characterization of support effect.The research complements and enriches the related theories about the private placement.This paper is divided into six chapters,and the specific contents of each chapter are as follows:The first part expounds the background and significance of the study,and reviews the relevant literature at home and abroad.Then it gives the research methods and innovation.In the second part,it defines the related concepts about the private placement.Meanwhile,it introduces the motivation and the process of the private placement.Then it introduces the reasons for the high discount rate that the scholars are focus on and four related theories that are widely accepted and developed very well.In the third part,by comparing the measurement methods and indicators of capital allocation efficiency,it chooses TFP as a measure index.Then,through the comparison of three commonly used calculation methods of TFP,Data Envelopment Analysis(DEA)is selected to calculate TFP.In other words,DEA-Malmquist productivity index is used to measure the efficiency of capital allocation.Finally,the decomposition of the DEA-Malmquist index is explained in detail,and the input-output index system is also constructed.In the fourth part,it selects the A-share listed companies that have taken place in 2011-2015 years as samples to study the relationship between the large shareholders’ shareholding and the rate of the discount rate.Through the analysis of descriptive statistical and regression results,it is found that the large shareholders’ participation in private placement has a strong motivation for the benefit of transportationIn the fifth part,it explains the change of the capital allocation efficiency of the listed companies from many aspects,and carries out the related research hypothesis according to the analysis of this part first.Then it establishes the relevant models according to the research hypothesis,and analyses the results of the model.We can get that the high discount rate represents the behavior of the large shareholders’ tunneling directly,but it is also a token of the support effect of the large shareholders.In the sixth part,it summarizes the conclusions,gives the implications of the conclusions,and prospects the future research according to the shortcomings of this paper. |
