Information Asymmetry, Corporate Growth and Private Placement to Related Shareholders Empirical Data from China Securities Market

通过定向增发新股进行股权再融资已成为我国上市公司主要股权再融资工具。本文以信息不对称理论为基础,研究了公司的成长性与关联股东认购定向增发新股的关系以及认购后对公司绩效的影响。研究发现,公司的成长性与关联股东认购定向增发新股的比例呈正相关关系,进一步发现,当公司的信息不对称程度越大时,关联股东认购的成长性公司发行的定向增发新股比例也越大,关联股东认购成长性公司发行的定向增发新股比例越大,发行公司未来的绩效越好。Equity refinancing using private placement has become the main financing tool for listed companies in China. Based on asymmetric information theory, this paper studies the association between the corporation growth and the subscription for new shares in the private placement with related shareholders, also the impact on corporate performance after the subscription. The study shows that it is a positive correlation between the corporation growth and the ratio of the subscription for new shares in the private placement with related shareholders. Moreover, related shareholders are expected to subscribe more shares in the private placement issued by corporate with higher growth expectation when the degree of information asymmetry is greater, and the corporate performance in the future is better when the share of the subscription is higher.章卫东教授主持的国家自然科学基金项目“地方国有上市公司定向增发资产注入动机及经济后果研究”(项目号:71262004)的阶段性研究成

废弃地向绿地的转变--封场垃圾填埋场生态更新研究[C]

封场垃圾填埋场被视为城市区域典型的废弃地。随着发展中国家固体废弃物的日益增加，封场垃圾填埋场得到越来越多重视并引发颇多隐患。本文以封场垃圾填埋场为例，对欧洲和美国进行的废弃地更新为绿地的案例进行研究。在此基础上，为中国废弃地生态更新措施提出了建议如下：对于陈旧的封闭垃圾填埋场而言，场地更新的最为可靠的方式为把填埋垃圾彻底清除、以更为可靠的方式运送到其他场地重新处置，再对场地修复。如果条件所限，上述工程目前无法开展，则可对封场垃圾填埋场区域作为绿地用途建设，加以防护并进行生态更新，从而尽可能消除其不良影响。对于发展中国家而言，固体废弃物的减量化、稳定化和再利用应当是垃圾相关问题的根本的应对之道