Targeted Issuance Risk And Company Value Research

Private placement is a refinancing behavior for issuing shares to specific objects.It can play an active role in the project financing of listed companies,mergers and acquisitions,the overall listing of the Group and the introduction of strategic investors,together with its financing "threshold " Low,the audit process is simple,but also optimize the capital structure of listed companies and other advantages,has become China's capital market," darling ",especially in 2006,China began to divide A shares into tradable shares and non-tradable shares,The preference of many listed companies,from this private placement showed explosive growth trend.In the past 10 years,the number of private placement by the number of listed companies and the amount of money raised from the listed companies have a qualitative leap.At present,the academic research on the definition of enrichment,including the theory of fixed,will increase the impact on the risk,set the risk of the impact of the value.However,the samples used are limited to the success of the sample,so far no one used to increase the number of failed samples,and the lack of risk assessment of the study,in particular,between the increase in investment and financing risks between the little research.However,in real life,it is closely related to the risk of investment and financing.It can alleviate the financing constraints of enterprises,improve the phenomenon of insufficient investment and enhance the value of enterprises.However,the risk of overinvestment will increase Damage to corporate value.This paper chooses the time window from 2006 to 2015 to carry out the full sample study on the A-share listed companies that have been added or implemented during the 10-year period,and further subdivided them into the samples of the success and success of the whole sample on the basis of the whole sample,The impact of the increase in the value of the company,the impact of the increase in the risk of investment and financing,the impact of investment and financing risks on the value of the company,clarify the "set by-risk-value" between the three The logical chain.Through the empirical study found that the increase can increase the value of the company,in which the success of private placement compared to the failure of private placement,the company's value to enhance the effect of better.In addition,the listed companies will increase their financing costs and financial leverage lower,the financing risk is smaller,can enhance the value of the company,but can not ignore the private placement after the risk of excessive investment risk on the company's negative impact.The research results of this paper will help to enrich the theory of risk increase,but also have reference and guidance to practice.