关键词: 企业集团 , 掏空 , 效率促进 , 定向增发

Abstract: Theoretically, controlling shareholders would choose either tunneling or propping when participating in the equity private placements. This research explored that market reaction around the announcement date was positively related to the ratio of controlling shareholders acquired, which was the result of asset transfer rather than increasing equity shares in cash. Further study provided empirical evidence that it was efficiencyimproved when controlling shareholders took part in the equity private placement by analyzing the one year rate of return and performance of the listed companies after the equity private placement. This research supported the hypothesis that business groups could facilitate internal resource allocation through asset reorganization and also gave new explanation to the announcement effect and the price discount of private placements.

Key words: corporate group , tunneling , propping , equity private placement