The Financial Research On The Case Study Of The Private Placements Of Xianju Pharma

The private placement in China's capital market has emerged as a prominent source of equity refinancing,and with the smooth implementation of the equity split reform in 2006,the private placement has gradually replaced the allotment and issuance of new shares with the characteristics of low issuance costs and simple audit procedures,becoming The mainstream way of financing.In 2016,China's Shanghai-Shenzhen A-share market implemented a total of814 private placements with a financing amount of more than 1691.8 billion.With population ageing and urbanization intensifying,people's health awareness is increasing,and the pharmaceutical industry needs to increase innovation and R&D investment through refinancing to meet the growing demand of the pharmaceutical market.In view of its industry specificity and the universality of private placements,this paper analyzes the effect of fixed income growth on the financial performance of the company through research on the case of Xianju pharma 2015 private placement.This paper aims at the effect of private placement on the financial performance of Xianju pharma,and attempts to combine the targeted incremental issuance and quantitative financial impact.From theoretical analysis and case analysis to study.The theoretical research includes information asymmetry theory,agency cost theory and pricing theory,etc.,and expounds the basic situation of China's pharmaceutical industry and industry-oriented private placement.In the case analysis,the basic situation of Xianju pharma was first analyzed and the need for targeted additional is implemented based on SWOT and specific motivation analysis.Subsequently,the entire process of the company's implementation of targeted additional is briefly reviewed.The financial effect of the private placement of Xianju pharma is described here.This section first describes the capital structure,equity structure,information disclosure effectiveness,and EVA economic value added of Xianju pharma from a private placement.The main method is HHI index and EVA.And information disclosure effectiveness index scoring system.Then through the DuPont analysis system,principal component analysismethod and financial indicators analysis of the company's overall performance.Finally,the incident law is used to describe the market response to private placement.It is concluded that this directional increase in Xianju pharma has a positive impact on the financial performance of the company.The main structure of this article is to first describe the research background,content,literature,and basic theory involved in the topic.Then briefly introduce the pharmaceutical industry,Xianju pharma and this private placement incident.This section mainly adopts SWOT analysis.Then the impact of the additional issuance of Xianju pharma on corporate governance structure,production and operation and information disclosure.This section mainly uses EVA analysis,HHI index and related indicators.Afterwards,the effect of this private placement on the company's overall performance was analyzed through principal component analysis and DuPont analysis system.Then analyze the tactics of issuing additional market reactions from the event method.Finally,this directional additional issuance will be summarized and recommendations made.