Research On The Issue Of Private Placement And Benefit Delivery

As a financing way,private placement has very notable characteristics.On the one hand,private placement is very flexible,and on the other hand,it can make financing parties more convenient for financing purposes.At the same time,through private placement,companies can not only effectively help financiers to integrate resources,but also achieve other strategic intentions of the company.But,does all the listed companies only want to finance through private placement? Do the major shareholders really plan to promote the development of the company more effectively as what announcement indicates? Or,in fact,those shareholders with a large share of shares,who have discourse right,are actually just hoping that they can transfer their interests through the orienteering and encroach on the interests of others? This article will discuss these with case analysis.The paper takes the third and fourth private placement of ShengTun mining of as a case study,to study whether the company's major shareholders use the financing method to deliver the interests of the relevant.On the basis of the analysis about the purpose of the private placement,the paper finds large shareholders of ShengTun mining deliver the interests through the newly established company,inflated asset values and cash dividends policy and so on.At the same time,I use the short-term announcement effect and the important enterprise financial index to prove analysis of foreword.Through the analysis,the paper finds that the major shareholders of ShengTun mining actually deliver the related benefits through the private placement,and it was not conducive to the long-term development of the company.Therefore,this paper proposes that the listed company should improve the corporate governance structure;Meanwhile,the supervision department should strengthen the supervision and improve the information disclosure system.Meanwhile,investors should strengthen the identification and supervision of injection asset quality.In addition,it is necessary to improve the protection mechanism of small and medium investors.