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首页> 外文会议>2012 IEEE 5th International conference on management engineering amp; technology of statistics >The Non-rational Behavior in the Private Placement Pricing of the Chinese Listed Companies
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The Non-rational Behavior in the Private Placement Pricing of the Chinese Listed Companies

机译：中国上市公司非公开发行定价中的非理性行为

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摘要

Private placement has become the most important way of the Chinese listed companies refinancing after the non-tradable share reform in terms of the number or size of additional financing.We found an interesting phenomenon that the discount rate mean of private placement in the all listed companies has a small difference with that of initial five listed companies only 2.49％.In this paper,the anchoring phenomenon was examined and explained by the theory of behavioral psychology.The results show that:the discount rate pricing of private placement was mainly affected by anchoring effect,and which is irrelevant with the interests of controlling shareholders wealth transferring.
机译：就股权分置改革而言，定向增发已成为中国上市公司再融资的最重要方式，无论是增发融资的数量还是规模。我们发现一个有趣的现象，即贴现率在所有上市公司中均意味着定向增发。与最初的五家上市公司之间只有很小的差异，仅为2.49％。本文采用行为心理学理论对锚定现象进行了研究和解释。结果表明：私募的折价定价主要受锚定的影响。与控股股东财富转移的利益无关。

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