Abstract: The market value of listed companies is influenced by both the intrinsic value and the external premium, so the interest motive and profit mode of large shareholders participating in the private placement need to be rediscovered in the context of market capitalization management. Focusing on the governance effect of market capitalization management, taking the influence of market capitalization management on the willingness of large shareholders participating in private placement as the starting point, with the help of internal capital allocation efficiency, this paper discusses the existence of tunneling in the two subscription modes and the effectiveness of market capitalization management. The results show that it is a positive correlation between the market capitalization management and the ratio of the subscription for new shares in the private placement with large shareholders. However, due to the existence of a more serious capital occupation, a higher degree of cash dividends and the use of asset pricing profit tendency after participating in the private placement for large shareholders, results in lower marginal capital allocation efficiency. Further studies show that market capitalization management can restrict the above tunneling behavior, its governance effect increases with the increase of ownership concentration and the institutional efficiency of private enterprise market capitalization management is more significant than that of state-owned enterprise. The conclusion provides a the oretical basis for corporate refinancing decisions and policy formulation by revealing the effectiveness of market capitalization management.

Key words: market capitalization management, private placement, tunneling, subscription form, equity concentration

摘要： 上市公司的市值受到企业内在价值与外部溢价的双重影响,市值管理情境下大股东参与定向增发的利益动机及获利方式有待重新认识。聚焦市值管理的治理效应,以市值管理对大股东参与定向增发意愿的影响为切入点,引入内部资本配置效率,探讨两种认购方式中利益输送行为的存在性及市值管理理念的有效性。研究结果表明:市值管理对大股东参与定向增发具有积极影响;大股东参与定向增发后存在更为严重的资金占用、更高程度的现金分红以及利用资产定价获利的倾向并导致边际资本配置效率降低。进一步研究发现,市值管理能够制约上述利益输送行为,其治理效应随股权集中度的增加而增强,且民营企业市值管理的制度效率较国企更显著。研究结论通过揭示市值管理机制的效力路径为公司再融资决策及政策制定提供了理论依据。

关键词: 市值管理, 定向增发, 认购方式, 利益输送, 股权集中度