| Since the reform of the share-trading reform, private placement has gradually become one of the important ways of equity refinancing of listed companies in China's capital market. But, as a result of servicing purpose private placement on the purpose of financing as well as the service efficiency of funds has many problems,regulators for repayment, the purpose of the filling flow directional issuance has been tightening, attitude to fewer companies can successfully financing. At the same time,the academic circles has focused on the performance of directional issuance research in the field of project financing and the introduction of strategic investors, little directional issuance for servicing purpose performance study of the problem.Therefore, to explore the servicing purpose purchase decision rationality and raise the use efficiency of funds is particularly important.This paper takes 2014 tong fang co servicing purpose directional issuance for example. First of all, analyze its financing background, affected by the market and its mode of operation, tong fang co was in financial trouble, choose to consider to repay the loan. Secondly, from the Angle of the influence of the cost of capital, will increase the loan although can optimize capital structure, but will bring the financing cost of capital is higher. Then, from the plan announced in the future after the short-term market reaction and increase the financial indicators of directional issuance and project investment and industry average index contrast research in its influence on tong fang co operation results, the conclusion is: the servicing purpose consider brings negative effect of market and the market type consider do not look good. In addition to debt paying ability, financial performance did not see, directional issuance failed to help tong fang shares out of the difficulty. Finally in this paper, through summarizing,attempt from the perspective of strengthening market supervision put forward countermeasures and Suggestions. |
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