The Research Of Directional Add-Issuance And High Into Distribution Mode For Danhua Technology

Directional Add-Issuance is a new way to refinance after the share-trading reform,It has been favored by listed companies due to low issuance threshold and low transaction fee, but it is not a fair way for it is burned with attribution of exlude the small shareholders.Unpefect outside management system and self manangement can induce large shareholders'earning manangement. And surly will expropriate small shareholders. High Into Distribution Mode also has been favored by listed companies recent years as a return mode to invertors,the paper study the root cause from the corporate add-value and stockholders'add-value standpoint of view,remind market investors to pay more attention to the long term dividend policy and ability,urge the supervisor to improve the evaluation system,market value idea,integrity mechanisms. Directional Add-Issuance often accompanied by High Into Distribution Mode,this paper first evaluation the fiscal value of Danhua Tech through market environment and financial report analysis.then introduce the detail of Danhua Tech Directional Add-Issuance& High Into Distribution Mode,and reveal the income of stock reduction,in order to prove that specific large stockholder and investors manage the earnings and the stock price,produce"good news"constantly in order to manage the added-value of corporate.All these behavior is service in the purpose of economic interest transfer.This kind of public wealth reallocation is more harmful to small stockholders comparing to the management embezzlement behavior.More important is the harmfulness is covert due to it is produced by the defects of the capital market.Base on the case study of Danhua Tech,the paper want the urge the society to focus on this kind of practice,improve imformation disclosure,establish multiple finance market,refine the accounting policy,urge supervision,and deal with it strictly.Encourage small shareholders who are face to the economic loss to reconsider the real business achievement and active file to push the open supervision.The paper given some constructive proposals to speed up the mature market mechanism construction,promote the healthy development of economy and rational allocation of resources, push society back to industry add value concept,in order to prevent the unreasonable distribution of wealthy which lead to widening gap between rich and poor and stimulate the society contradiction.