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《Accounting Research》 2009-05
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Private Placement under the Control of Major Shareholder and Wealth Tunneling

Zhang Ming & Guo Siyong  
The paper examines the discount of private placement under the control of major shareholder,and how to influence the value,in order to explore whether private placement is used as a mechanism for wealth tunneling.We have found that major shareholder's opportunistic incentive is an important factor to carry out private placement.Whether and how much to tunnel may depend on the discount and the percentage of private placement which purchased by the controlling shareholder.Our findings are of interest to the investors and regulators,and have some meaning to complete further regulation policies on private placement.
【CateGory Index】: F830.91;F224
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