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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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【References】
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1 He Li-mei1 & Cai Ning2(1.School of Economics and Management,North China University of Technology,Beijing 100144,China;2.Labor Science Research Institute,Ministry of Human Resources and Social Security of the People's Republic of China,Beijing 100029,China);Empirical Study on the Performance of Long-run Stocks Following Private Equity Placements in China's Listed Companies[J];Journal of Beijing Technology and Business University(Social Science);2009-06
【Citations】
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1 Zhu Hongjun,He Xianjie and Chen Xinyuan;Offering Benefit under the Cover of "Giving Grand Banquets"—Directional Private Placement: The Phenomenon,the theory and the Institutional Origin:A Study Based on the Case of Yunnan Chihong Zinc & Germanium Co.,Led[J];Management World;2008-06
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3 Li Zengquan (Institute of Accounting and Finance, Shanghai University of Finance and Economics) Yu Qian (School of Business, Renmin University of China) Wang Xiaokun (School of Economics and Finance, The University of Hong Kong);Tunneling, Propping and M&A: Evidence from Chinese Listed Companies[J];Economic Research Journal;2005-01
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