中國大陸上市公司私募定價問題研析

The Price Determination in Private Placement of China Listed Companies

私募程序中的定價問題，繫於私募制度效益與股東權益保障的權衡，確保價格彈性與程序簡單的優勢不會受到濫用而成為大股東的圖利工具，需要完善私募決議程序中對股東的資訊公開與內控監督機制。中國大陸私募定價規範，在本次修法後產生諸多問題，其中定價基準日擇定機制造成私募折價空間過度放大，失去與市場價格連結性的同時，給予董事會操縱私募價格的機會，故本文建議回歸以私募認購日為定價基準日，並延長定價期間，以使折價幅度合理化。現行中國大陸上市公司私募程序，欠缺來自內部的有效監督，過度仰賴證券監理機關介入，減損私募迅速籌資功能的同時，亦導致監管的兩極化，規範不斷重複嚴厲到寬鬆，周而復始，此間問題不僅涉及公司籌資制度，更關乎公司治理的具體落實，本文認為值得為我國私募制度未來發展時加以借鑑。

The pricing issue in the private placement process is a trade-off between the effectiveness of the private placement system and the protection of shareholders’ rights, to ensure that the advantages of price flexibility and procedural simplicity will not be abused and become profit-making tools for major shareholders, and to improve the disclosure of information and internal control mechanisms for shareholders in the private placement resolution process. Among them, the pricing mechanism of the base date of the private placement has resulted in an excessive expansion of the discount of the private placement, which has lost the linkage with the market price and allowed the board of directors to manipulate the price of the private placement. The current private placement process for listed companies in China lacks effective internal supervision and relies excessively on the intervention of the securities regulatory authorities, which undermines the function of private placement in raising capital quickly and also leads to polarization of supervision, with the regulation constantly repeating from strict to lax. This issue is related to the private placement regulation and the implementation of corporate governance in the company’s capital raising system and is drawn as a reference for the future development of our private placement regulation.