定增新规是否有效抑制了大股东利益输送--基于注入资产关联性研究

his paper takes the listed companies that acquired assets through the increase of stock raising funds in the Shanghai-Shenzhen A-share market in 2014-2017 as the research object. Based on the background of the new refinancing regulations in 2017, the empirical review of the new refinancing regulations on the pricing benchmark date After the implementation of the regulations, the control effect of various high-yield arbitrage behaviors in the process of fixed-income, and the impact of the changes of external regulatory environment on the interests of the major shareholders of the company from the perspective of the behavior of controlling shareholders to inject related assets. The results show that, compared with the announcement date of the resolution of the board of directors, the first day of the issuance period as the pricing benchmark date can significantly reduce the fixed rate increase rate, and to a certain extent, restrict the behavior of the major shareholder to manipulate the issue price to infringe on the interests; but the major shareholder can still inject related assets through private placement. Use the advantages of control and information asymmetry to inject inferior assets or inflate the value of injected assets, and exchange the same assets for greater benefit input.