关键词: 定向增发,控股权性质,产业升级效应

Abstract: This paper aims to discuss and analyze the distribution characteristics of the private placement among different regions and different industries by state-owned and private holding enterprises as well as the changed earning capacities of the capital before and after the placement. Taking the private placement financing data of the listed companies during the period of 2006-2011 in China’s A-share markets as the sample, this study adopts the panel data model to conduct a quantitative analysis of the industrial upgrading effect of the private placement by listed companies with different holding natures. The empirical results show that though the private placement by the state-owned and private holding enterprises has not significantly improved the Clark index in any region, the private placement by private holding companies has significantly improved the growth rate of the tertiary industry in the eastern region. While reducing the proporation of the tertiary industry in GDP in the central and western regions, it has also improved the growth rate of the secondary industry and its proporation in GDP in that region to a larger extent. Yet the private placement of state-owned enterprises has no significant effect on the industrial upgrading path in any region except that it helped to raise the proporation of the secondary industry in GDP a little in the eastern region.

Key words: private placement; nature of controlling stake; industrial upgrading effect.