Research On The Motivation And Consequences Of The Implementation Of The Listed Companies' Internal Orienteering

Private placement is a financing behavior of a listed company issuing a stock to a specific object(not more than 10)in a non-public way.Now it is a stock refinancing way favored by listed companies,and it is also one of the important means of financing for enterprises.The Orienteering can not only broaden the financing channels of enterprises,but also play an active role in improving the management status of enterprises.In February15,2017,the Commission's official website issued ?No.Fifth announcement? "on the revision of the" listed company non-public offering rules for the implementation of the "decision",the main provisions of a total of seven place 2.The core regulatory requirement is that the price fixing date is three selected one,that is,the three way of pricing is selected.Now it is all revised,and it can only be determined on the first day of the issue period.This is a concept of market price issuance,which avoids some large shareholders and other investors buying stocks at low price to achieve the purpose of interest transmission,and standardizing the refinancing function of private placement.The internal Orienteering adds some of the core employees and executives inside the company as the addition object,which is bound to have the general characteristics of the directional addition and their own uniqueness.Although it is oriented in recent years the emergence of new issuance means,but in the capital market has not unfamiliar,has been integrated into the flight,including Hainan drugs,Goldwind,up to more than 100 listed companies have released this set by the form.What are the characteristics and uniqueness of the internal orienteering,and what is the general process? What is the difference from the previous Orienteering? What are the motives for companies to choose the internal Orienteering? What will the company's business and financial situation become after the increase? These are all questions that this article needs to explain.In this paper,we choose Jinfeng technology as the object of case analysis,and discuss the opportunity,motivation and economic consequences of the private placement.Through the study of golden wind science and technology found that internal placement in the initial period of recovery after the weakness in the industry,the company's share price is underestimated under the condition of relatively better effect.The operation status of Jin Feng technology has been improved in various aspects,which is embodied in the market performance,financial effect,operation performance and so on.The internal placement not only raise more cash flow for the company,to promote enterprise performance improvement,but also for the company to retain talent,motivate employees,better use of human resources,the development potential of development company,good prospects for the development of the company to transfer the information of the market,which makes enterprises have the determination,the more dynamic the importance of technological innovation,is committed to the long-term development of the company.In the end,the value of the enterprise is improved,the interests of the stakeholders of the enterprises are guaranteed and the stock price is promoted.Based on the study of the internal placement of golden wind science and technology implementation,summarized the internal placement of the type of enterprise,issue time,pricing,incentive object etc.conclusion,for our enterprises to adopt internal placement program to achieve Refinancing Behavior and employee incentive to provide reference.