| With the continuous development of the reform of equity distribution, private placementformally appeared on the stage of our country’s capital market and became a most importantway of listed corporation’s secondary offerings. From the prospective of our institutionalbackground, although the private placement has many benefits, it is extremely easy to becomethe tool of tunneling behaviors where major shareholders against minority shareholders. Dueto the booming private placement in our country securities market and increasing impacts ithas on the securities market in our country, if tunneling in the private placement isn’t wellstudied and governed, a large number of small and medium sized investors’ interests inevitablyinfringed. Then it will seriously affect the small and medium-sized investors’ confidencetowards our listed corporation’s private placement and even the securities market. So the studyof tunneling behaviors in private placement of listed corporations has very positive impacts forthe protection of small and medium-sized investors.This thesis uses a combination of the event-tracking method and statistical methods, withevidence from cumulative abnormal return to test the hypothesis that major shareholders maymanipulate the share price before and after the private placement. And then the change ofinstitutional shareholders ratio before and after the private placement is concluded that majorshareholders are inclined to issue defective assets to optimize their own profits. This thesisalso uses principal component analysis method to build the indicators of institutionalinvestors’ degree of recognition. Through the analysis of the change of these indicators wevalidate listed company’s composite scores ranking generally declined after private placementtwo years. Finally, this thesis gives two case studies. Firstly, Datong Gas set as an example,reveals the cumulative excess return after the private placement led by major shareholders wassignificantly higher than before. Secondly, Shengtun Mining as an example, the value of assetssold by major shareholders was apparently overrated, the proportion of financial institutionwas slightly dropped and on the contrary, the ranking of comprehensive performance was alsodecreased. This further proves that private placement assets into the companies generally giverise to tunneling behaviors to lead the continue decrease of company performance. The conclusion of this thesis provide suggestions to further standardize the privateplacement behaviors and for supervision department to make relevant regulation policies.Meanwhile, it has positive impacts to improve the work of investors’ protection... |
