| Since the split share reform in 2005,private placement has been rapid development.In 2007,China Securities Regulatory Commission(CSRC)promulgated and implemented the Rules for the Implementation of Non-public Shares Issuance of Listed Companies,further standardizing the behavior of non-public offering of listed companies,and the issuance of private placement began to become the way of refinancing in China's capital market.Compared with other financing methods,private placement has many advantages: the issue of low threshold,low cost,simple review process,and private placement of the stock has a certain period of time,can reduce the impact on the secondary market.So more and more listed companies tend to choose to increase the way as a business refinancing.However,China's capital development is not too long,and the overall level of regulation has yet to be improved,private placement there are many imperfections,of which the interests of large shareholders to become the most controversial point of view.Some scholars have found that,due to the relative concentration of listed companies in China,usually the majority of shareholders will use their own advantages from the private placement to seek wealth,damage the interests of small investors.Therefore,the private placement in the hearts of investors has developed into a major shareholder of the interests of a tool for delivery.In the past,scholars' research on the use of private placement to carry out the issue of interest delivery is mainly through empirical analysis,that is,by collecting a large amount of data and analysis to confirm the existence of the interests of listed companies in the process of private placement,Often only focus on one aspect of the benefits of delivery,such as additional price discounts,dividend distribution and so on.But the form of interest delivery is not a single,but multi-dimensional multi-dimensional.Therefore,this article selected J company private placement case,from the perspective of the case cut into the choice of several listed companies commonly used in the way of delivery: whether the price is too low,in the base date before the suppression of stock prices,whether the major shareholders Behavior,whether there is a high dividend after the private placement,from multiple perspectives to analyze.Moreover,most of the scholars' research on the delivery of interest in private placement is focused on the study of the behavior of their interests,and often overlooks the objective factors of laws,regulations and institutions.Therefore,this article also through this case,the existing on the private placement of relevant laws and regulations and policies were analyzed,and in the pricing mechanism,respectively,after the issuance of dividends and equity structure and other aspects of the relevant policy recommendations,the financial market The improvement of laws and regulations and the maintenance of the interests of the majority of small and medium investors,has a certain practical significance. |
