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Major shareholders seek private gain : the private placement and the reduction of arbitrage

Author: ChenZhuo
Tutor: XiongJian
School: Jinan University
Course: Accounting
Keywords: Placement Major shareholders Transfer of benefits Arbitrage holdings
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 381
Quote: 1
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Abstract


Placement began to rise from 2006 , this would exclude small investors equity refinancing with low preference issue , many studies indicate that preference may be out of major shareholders to achieve the transfer of benefits purposes. In the split share reform, the major shareholders and the market price and the two directly linked to the interests of major shareholders are the main mode of transport a large number of holdings profiting . Private placement of new shares as well as brought about by the market price reaction arbitrage holdings of major shareholders to create the \In the interests of the transport driven by motives , large shareholders often expensive to holdings in the secondary market arbitrage , and to develop high discount cheap private placement holdings of company shares . Accordingly, this paper studies the private placement discount and arbitrage holdings of major shareholders to examine the association between the degree of private placement holdings of major shareholders discount the existence of arbitrage motives. This paper selected for 2007-2009 has completed the private placement and the major shareholders of listed companies participate in the subscription as the research sample , using multiple regression and non-parametric test method for empirical analysis , the study found : ( 1 ) there is a large shareholder of the private placement discount holdings arbitrage motive , the extent of arbitrage holdings of major shareholders is higher, the higher the discount of private placement ; ( 2 ) in state-owned enterprises, private placement discount and holdings of major shareholders after the issuance of the relationship between the degree of arbitrage is more significant ; ( 3 ) in a different market, the private placement discount and arbitrage holdings of major shareholders showed differences in the degree of relationship , bull market placement discount arbitrage holdings of major shareholders with the degree of relationship is not obvious, bear market with big discounts under the private placement shareholders holdings arbitrage relationship between the degree significant positive correlation . This article also carried out on the above conclusions further qualitative analysis .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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