我国从 2006 年开始将定向增发作为新型的融资方式引入资本市场，凭借其 特有的优势定向增发在实践中逐渐被资本市场广泛地采用，具体优势包括：通过 市场化估值溢价提升母公司资产价值、加强大股东控股比例、促进优质龙头公司 实现成长、定增的大股东及有实力的大投资人可以为公司输送资金减少小股民的 投资风险等。但是我国相关定向增发的法律及监管并不是很健全，我国上市公司 的股权又较为集中，定向增发使得公司原有没获得增发的股东和新增发股东将公 司的利益实施再分配，大股东们就会为了自身的利益侵占中小投资者的权益。 本文首先梳理了大股东在定向增发中存在利益输送问题的相关文献，再分析 定向增发的实施过程及利益输送的途径，分析在定向增发过程中利益输送的形成 原因。以南京新百为案例，针对其三次定向增发中增发价格偏低，增发后价格增 长幅度过大、增长速度过快，增发后其经营状况没有得到相应的提高等问题进行 深入的分析。分析发现南京新百通过选择合适定价基准日谋取较低的发行价、控 股股东注入高价资产等途径进行利益输送。针对类似定向增发中的利益输送问题 分别从以下三个方面提出对策建议，监管层、上市公司、投资者，包括：完善定 价及资产评估机制、提高发行标准、完善信息披露制度、丰富中小投资者保护措 施、优化上市公司治理结构及提高中小投资者专业技能。本文主要在文献梳理的 基础上，通过资料分析等形式，运用案例分析法对上市公司定向增发中存在的利 益输送问题进行深度分析，并得出大股东通过定向增发向上市公司注入优质资源 更有利于上市公司长远发展及大股东自身利益的长久维持的结论。这对相关监管 部门、上市公司及中小投资者皆具有一定的启发性。 关键词：大股东;定向增发;利益输送I ABSTRACT In China's capital market, private placement as a new financing methodhas been widely adopted by the capital market since it was introduced in 2006 with its unique advantages, which include: Through market valuation premium to enhance the asset value of the parent company, strengthen the proportion of major shareholders’ shareholding, promote the growth of high-quality leading companies, private placement of major shareholders and powerful investors can channel funds for the company to reduce the investment risk of Minority shareholders. Based on combing the major shareholder interests in the private transportation based on related literature, through the analysis of the process of the purchase and the purchase interest transportation way, analyze the causes the indemnification in the private placement, with the examples of Nanjing Xinjiekou Department Store Co. for the third time in the private placement to raise the price is low, after the issuance price increase is too large, the growth speed too fast, after raising its operating conditions are not appropriate to increase problems such as in-depth analysis.It was found that nanjing xinbai managed to obtain a lower issue price by selecting the appropriate pricing base date, cashing out after private placement by major shareholders and injecting high-priced assets by controlling shareholders.For similar interests of private transport problems from regulators, listed companies and investors three Angle are put forward to strengthen assets evaluation, improve the pricing mechanism, strengthen the regulation of distribution, standardized information disclosure and set up the mechanism of small and medium-sized investors to protect and improve the corporate governance, to raise their professional knowledge and a series of countermeasures and Suggestions to solve the problem of the indemnification.On the basis of literature review, through investigation, inquiry and other forms, this paper USES case analysis method to make an in-depth analysis on the transmission of interests of major shareholders, which is of certain enlightenment and of significance to regulatory authorities, listed companies and investors. KEYWORDS:major shareholder; private placement; benefit transfer1 目 录 第一章 绪论.............................................................................................1 第一节 选题背景和意义.....................................................................................1 一、选题背景..................................................................................................1 二、研究意义..................................................................................................2 第二节 研究现状.................................................................................................2 一、国外研究现状..........................................................................................2 二、国内研究现状..........................................................................................3 三、文献述评..................................................................................................4 第三节 研究思路、内容及方法.........................................................................4 一、研究思路、内容......................................................................................4 二、研究方法..................................................................................................6 第四节 创新...........................................................................................................6 一、研究创新..................................................................................................6 第二章 相关概念及理论基础 ................................................................7 第一节 相关概念界定.........................................................................................7 一、定向增发..................................................................................................7 二、利益输送..................................................................................................7 第二节 我国定向增发相关制度规定.................................................................8 一、定向增发的相关规定..............................................................................8 二、定向增发中的利润输送方式..................................................................9 第三节 理论基础...............................................................................................11 一、委托代理理论........................................................................................11 二、信息不对称理论....................................................................................11 三、大股东“掏空”与“支持”理论 ................................................................12 四、“隧道效应”理论....................................................................................13 第三章 案例介绍 ..................................................................................14 第一节 南京新百公司简介...............................................................................142 一、南京新百公司基本情况........................................................................14 二、南京新百公司股权结构........................................................................14 第二节 南京新百定向增发实施过程.................................................................16 一、第一次定向增发....................................................................................16 二、第二次定向增发....................................................................................18 三、第三次定向增发....................................................................................21 第四章 案例分析 ..................................................................................25 第一节 第一次定向增发大股东利益输送分析...............................................25 一、发行价格分析........................................................................................25 二、注入资产经营分析................................................................................26 三、注入资产评估分析................................................................................29 第二节 第二次增发中的利益输送分析...........................................................30 一、发行价格分析........................................................................................30 二、注入资产经营分析................................................................................31 三、注入资产评估分析................................................................................35 四、定增股东将新增股权进行质押............................................................37 第三节 第三次增发中的利益输送分析...........................................................38 一、发行股价率高........................................................................................38 二、收购公司利润可观................................................................................39 第四节 案例总结...............................................................................................40 第五章 研究结论与建议 ......................................................................42 第一节 研究结论...............................................................................................42 第二节 建议.......................................................................................................42 一、完善监管层的监管制度........................................................................42 二、完善上市公司的治理结构....................................................................44 三、提升投资者的专业技能........................................................................45