The Study On The Issue Of Benefits Transfer In The Private Placement And Purchase Of Chengtun Mining

After the split share structure reform, with its approval of the private placement is simple, the threshold is low, less issuance costs and other advantages, become the mainstream way of China’s capital market refinancing. In addition, the private placement can achieve major shareholders of listed companies to inject quality assets,the company completed the overall market, the introduction of strategic investors,large shareholders enhanced control and other purposes. At the same time the private placement there are still some deficiencies. Under the system of specific equity stake in a high concentration, the controlling shareholder of the private placement to be alienated interests of transport tools, the interests of minority shareholders in the controlling shareholder and the Company’s conspiracy was severely invaded.Analysis, research methods and its path through the transfer of benefits herein Cheng Tun Mining private placement and the acquisition of interests in transport mode. When the major shareholder Cheng Tun mining listed companies facing financial difficulties, through private placement to raise funds to repay overdue loans,to improve the financial situation of listed companies, listed companies "support." After the sustainable management of listed companies to eliminate risk, a major shareholder of mining Cheng Tun advantage of the benefits chain cycle through the acquisition of assets to related parties high premium high cash private placement and the transfer of benefits.Article major shareholders private placement market reaction after the transfer of benefits, the listed company’s financial indicators and values were analyzed. Found after their fourth private placement announcement effect was not significant, after two private placement of listed companies on the financial situation had a negative impact on corporate value in the year to complete the issuance of decline, a third private placement of four enterprises are emptied behavior.In this paper, from the issuance of the final oriented pricing mechanism to improve and standardize the behavior of the revaluation of assets, equity loans and strictly regulate the behavior of large shareholders and strengthen information disclosure of listed companies private placement has made four recommendations,provide a reference for the regulatory authorities and small investors.In this paper, from the issuance of the final oriented pricing mechanism toimprove and standardize the behavior of asset revaluation, the very existence of strict examination and approval of shareholder equity private placement and pledged to strengthen information disclosure of listed companies set by the acquisition of assets to related parties has made four recommendations for regulators sector and small and medium investors to provide reference.