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《Journal of Beijing Technology and Business University(Social Science)》 2009-02
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Research on Tunneling in Directional Private Placement in Listed Companies

Wu Hui (School of Accounting,Beijing Technology and Business University,Beijing 100048,China)  
The study on the data of directional private placement during 2006-2007 discloses some phenomena.The listed companies,which issue stocks only to associated shareholders such as controlling shareholders,transfer benefit to related shareholders by making the issuing price low.However,due to the participation of non-associated shareholders,the issuing price for directional private placement is not made low.There is no evidence for the transfer of bad assets into the listed companies,which issue stocks only to associated shareholders such as controlling shareholders,in order to transfer benefit through directional private placement.It is discovered that in the same year of directional private placement a very small number of listed companies transfer benefits to its controlling shareholders by cash dividends.
【CateGory Index】: F832.51
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