The Case Study Of Kai Luan Gufen Introducing Private Equity Fund

With the continuous implementation of the reform and opening up policy,the capital market began to gradually accept this form of opening up.In the market of equity refinancing in China,private equity fund,a financing channel with a certain status in China,gradually emerged.In the current stage of China,on the one hand,the requirements of diversification can be met through the financing channels of enterprises;On the other hand,the effect of the joint-stock system reform has been spurred.For enterprises,private equity fund has many advantages,such as greater investment flexibility and looser term of use of capital.Therefore,for a company,the capital required for its operation is optimized by those companies that have introduced private investment.More importantly,it plays an important role in the company's value added.This paper adopts the method of combining theoretical analysis and case analysis to study the relevant data,which is of certain significance for the introduction of private placement application.This paper selected KaiLuan's private placement of shares as the research object in the form of case study,and used event research method to study the impact of private placement on enterprises before and after the introduction.In the first part of this paper,the research background,research significance and research methods of KaiLuan group were proposed,and some domestic and foreign researches were listed,and the framework of the paper was drawn.The second part mainly elaborates the meaning of private equity fund,private placement and related theories.The third part introduces the case in detail,including the basic situation of KaiLuan's shares,the company's equity structure,and the motivation for the company to introduce private equity fund.The fourth part of KaiLuan shares into private equity has carried on the thorough research to the impact of the company,mainly from the influence on the value of the company,the impact on the corporate governance,the quality of financial situation analysis of the influence of three aspects,and in the case,analyzes the KaiLuan shares the introduction of the successful experience of private equity,as well as possible risks in the process of private.The fifth part is based on the previous analysis of KaiLuan shares,summarizes the full text,and puts forward relevant Suggestions.According to the analysis,first of all,the reasons for kailuan shares to be introduced into private equity fund are various,including the need for state-owned assets reform,the need for project investment and the solution of debt financing difficulties.Second,from the point ofmarket reaction,the performance of the kailuan shares is benign,short-term wealth effect makes the shareholders obtain certain benefits,is played a positive effect on the financial quality,scale of the enterprise's net assets have increased sharply,the asset-liability ratio showed a trend of decline,the liquidity ratio and debt paying ability are improved,at the same time to save the financial costs,improve the company's financial situation,raise the level of profit.Finally,the paper analyzes the successful experience and possible risks of kailuan's introduction of private equity fund.Through the case study of kailuan shares,this paper comes up with four Suggestions,which are to establish a sound regulatory model,cultivate high-quality investment managers,strengthen the management of funds and carefully select private equity institutions.