求翻译：摘要：自从股权分置改革以来，我国资本市场上股权再融资方式发生了巨大变化，尤以定向增发的大幅增加最为明显。为何定向增发突然成为上市公司备受青睐的再融资方式，这种融资方式对于大股东来说是否具有私利可图，是否会侵害中小股东的权益，基于此本文选取2006-2008年有大股东参与的定向增发公司为样本，研究了定向增发折价与大股东参与下利益输送的关系，发现在大股东参与定向增发的情况下，大股东认购的比例越大，定向增发的折价水平越高，大股东的利益输送越明显。是什么意思？

Abstract: Since the split share structure reform, China's capital market, equity refinancing occurred great changes, especially in the private placement of a substantial increase in the most obvious. Why the private placement suddenly become listed companies favored mode of financing, this mode of f

Summary: Since stock right since the reforms, China's capital markets equity refinancing has revolutionized how to redirect, and in particular the additional significant increase is most apparent. Why not redirect the sudden increase in a listed company to be a popular method of funding, this form o