Research On The Financing Performance Of Jingda Stock Project-oriented Private Placement

After the reform of equity division,the private placement has become one important method of refinancing for listed companies,which is of great significance to the expansion of refinancing channels and the improvement and development of China's capital market.Compared with bond issuance and public issuance,private placement has obvious advantages in refinancing,high financing efficiency but low threshold,and easy to operate.There are various types of private placement,and project-financing private placement is also the preferred method for equity refinancing by more and more enterprises.How to ensure that the financing method can be safe and effective,raising funds can be used reasonably and efficiently,better serve the enterprise,is worth studying.Based on the introduction of the background of private placement of jingda stock company,this paper studies the financing performance of private placement from the aspects of the use efficiency of raised funds,short-term market reaction and long-term financial effect.This paper deals with the market response and the performance of additional issuance.This paper introduces the plan and process of three private placement in 2007,2011 and 2014 of jingda stock,a representative company in the industry,from the aspects of pricing,issuing objects and raising funds.Targeted at the company's project financing type of private placement,the focus of its financing performance.By studying its capital use efficiency,including factors affecting the efficiency,the extent of the project,the follow-up use status of the fund,the idle fund and the supervision of the fund,the conclusion is drawn that the fund is fully used and has good liquidity.From the analysis of the reaction of financing to the market,it can be seen that during the selected window period,the stock price of the enterprise rises,and the reputation of the enterprise is also enhanced.Through the analysis of financial quality and financial ratio,the analysis of long-term financial effect shows that the debt paying ability and profitability of the company have been improved after the issuance,which promotes the growth of the company's performance,and the long-term effect is positive.The conclusion is that the private placement of jingda shares affects the management risk taking by affecting the corporate governance.The standard and supervision of the project investment funds affect the efficiency of the use of funds,and finally affect the company's finance and operation.So the choice of this financing method is reasonable and effective.As for how enterprises can effectively conduct additional issuance,it is suggested that project-oriented private placement should develop a project program in line with market demand and carry out risk assessment in a timely manner,support additional issuance for institutional investors,pay attention to the efficiency of capital use,and strengthen the supervision on the use of raised funds.Hope to the other companies in the same industry can play a certain role for reference.