Research On The Performance Of Private Placement Of Ziguang Stock

With the completion of the split share structure reform in 2006,private placement has been officially established as a refinancing method in China,which plays an increasingly important role in all kinds of financing methods.In recent years,the Party Central Committee attaches great importance to the information technology industry,and China's information technology industry has achieved fruitful development results.In order to further support the expansion of reproduction and enhance innovation capacity,the company will inevitably carry out frequent financing.Among all kinds of financing methods,due to the low requirements of issuing threshold,low restrictions,the introduction of strategic investors and many other advantages,it can better meet the capital needs of information technology industry companies.However,in the capital market of our country,many listed companies do not increase their performance but decrease their performance after using the directional additional issuance to finance,which hinders the development of the company and damages the interests of investors,which also causes experts and scholars' extensive attention to the performance problems of the listed companies after the directional additional issuance.Through further analysis of domestic and foreign literature,we can see that most scholars usually collect financial data of multiple listed companies for empirical analysis,which is lack of typicality,especially for the study of IT industry.Therefore,in the form of case study,this paper takes the representative company of information technology industry,namely,Ziguang Co.,Ltd.,as the research object,and analyzes the performance of the company after the targeted issuance,so as to have a better reference value for other companies in the industry.First of all,this paper analyzes the motivation of the private placement of Ziguang stock,and finds that the private placement is mainly to play the internal synergy,extend the industrial chain,enhance the comprehensive competitiveness and introduce strategic investors.Then,this paper analyzes the market performance,financial performance and operation performance of Ziguang stock after the directional issuance by event research method,financial index method and EVA analysis method,and explains the causes of the results.Finally,the relevant conclusions of this paper are as follows:first,in terms of market performance,Ziguang has been recognized by the market,and its performance has been improved;second,in terms of financial performance,Ziguang's financial indicators have been improved to varying degrees after thetargeted issuance;third,in terms of business performance,the EVA of Ziguang has finally realized the change from negative to positive after the targeted issuance It can be seen that the performance of the company has been improved.Therefore,this paper puts forward the corresponding enlightenment,which can provide some reference for the industry.