An Analysis Of The Motivation And Financial Effect Of The Non-public Issuance Of Shares Of Listed Companies

Environmental protection industry is a sunrise industry with broad prospects,especially in recent years,with the rapid development of China's economy and the significant improvement of people's living standards,the environmental protection industry ushered in a golden age of development.But for our country,the environmental protection industry belongs to both the sunrise industry and the traditional industry,which is chiefly because of the traditional operation mode of the environmental protection industry,the single environmental protection projects and the lack of a national environmental protection network.Therefore,the development of the environmental protection industry in our country must change this operation mode,in which the listed companies of the environmental protection industry,as the leader of the environmental protection industry,will inevitably develop Bring progress to the whole industry.In the face of such a business environment,it is urgent for listed companies in the environmental protection industry to maintain their leading position in the market and upgrade their industries.However,if listed companies in the environmental protection industry want to upgrade their industries,the financing problem will become a problem that cannot be ignored in their development.For the listed companies,the main financing methods mainly include public issuance,private placement,share allotment and convertible bonds.With its unique advantages,private placement has been popular since 2006.According to statistics,from 2006 to the end of 2015,China's listed companies issued a total of 2482 directional additional shares,with a total amount of 2564.57471 billion yuan,accounting for 81% of the refinancing amount in the securities market.It can be seen that the directional additional shares have become the main financing means of listed companies.In addition,from the perspective of the current financing situation of environmental protection industry in recent years,private placement is also the main financing mode of Listed Companies in environmental protection industry.This paper selects Zhongyuan environmental protection as the research object,and analyzes the private placement of Listed Companies in environmental protection industry through different research methods.First of all,it introduces the relevant theories of non-public issuance of shares of Listed Companies in environmental protection industry,including the refinancing situation of Listed Companies in recent years,the legal basis of non-public issuance,the factors affecting the non-publicissuance of shares and related financial effect theories;secondly,it analyzes the basic situation of Zhongyuan environmental protection company and the theoretical basis of non-public issuance of Zhongyuan environmental protection company Secondly,it analyzes the case of Zhongyuan environmental protection,including the motivation,scheme and process of the non-public issuance of Zhongyuan environmental protection;secondly,it analyzes the impact on Zhongyuan environmental protection before and after the non-public issuance,mainly including rationality analysis,financial performance analysis,shareholders' rights and interests analysis and market reaction before and after the non-public issuance;finally,through the above analysis The paper puts forward the conclusion that the financing mode of non-public issuance is consistent with the Central Plains environmental protection,and puts forward the corresponding financing suggestions to the listed companies of environmental protection industry.