Research On The Impact Of Directional Additional、Asset Injection And Equity Concentration On The Performance Of Listed Companies

In May 2006,the promulgation of the Regulations on the Management of Securities Issuance of Listed Companies by the Securities Regulatory Commission marked that the directional additional issuance formally became the way of equity refinancing of Listed Companies in China.And in recent years,with China’s economy changing from high-speed growth stage to high-quality development stage,the increasing proportion of direct financing and the demand for listing as a whole,the upsurge of directional issuance of listed companies has been set off in China’s capital market.Controlling shareholders generally inject assets into listed companies through directional issuance to achieve value added.Based on principal-agent theory and information asymmetry theory,the agency problem of controlling shareholders will have a negative impact on the performance of listed companies.Especially,controlling shareholders may manipulate listed companies by using their own control advantages,which will affect the interests of listed companies,but also involve the interests of other shareholders and stakeholders.On the other hand,based on synergy effect.In theory,controlling shareholders show "support" motive to listed companies,but behind their support is more based on the serious financial difficulties faced by listed companies.Controlling shareholders will inject their own high-quality resources into listed companies to protect the shell resources of listed companies.Then,whether the behavior of controlling shareholders injecting assets into listed companies through directional issuance is "support" or "tunneling" ? What impact the injection of assets will have on the performance of listed companies? Whether the concentration of equity plays a moderating role in this transaction? Based on these questions,this paper carries out the following research.Based on the principal-agent theory,information asymmetry theory and synergistic effect theory,this paper puts forward relevant research hypothesis by combining normative research with empirical research.On the basis of theoretical analysis and research hypothesis,it builds a multiple regression model,and then takes the successful implementation of directional additional asset injection by Chinese A-share owners.Based on the empirical data of 249 listed companies from 2011 to 2017,this paper empirically tests the impact of directional additional asset injection and ownership concentration on the performance of listed companies under the condition of differentiating market performance from financial performance.The detailed process is as follows: Firstly,this paper studies and analyses the possible wealth transfer behavior and its influencing factors in the dual-related transactions in which controlling shareholders inject assets into listed companies through directional issuance.On the basis of summarizing and summarizing,it puts forward the research perspective of this paper,that is,the scale of injected assets and the relevance of injected assets as the solution of directional issuance of assets into listed companies.Secondly,from the perspective of ownership concentration,this paper deeply analyses the motivation of controlling shareholders’ injection into listed companies’ assets,and analyses the impact of ownership concentration on listed companies’ performance in the process of directional additional asset injection under the conditions of differentiating three levels of ownership concentration: high(> 45%),medium(25%~45%)and low(< 25%).Finally,in the context of different equity concentration grouping,we verify the moderating effect of equity concentration on the size of injected assets and the relationship between the correlation of injected assets and the performance of listed companies.The research results show that: First,the scale of targeted additional injection assets and the correlation of injected assets have positive and significant effects on the market performance of listed companies,and with the passage of time,the significance has gradually increased,indicating that targeted additional injection of assets can effectively improve the market value of listed companies.However,there is no significant impact on financial performance.Second,although the impact of the size of the injected assets on market performance in different groups of controlling shareholders ’equity concentration does not have significant differences,the impact on financial performance is in the group with higher equity concentration(< 45 %)Compared to the lower equity concentration group(>25 %)and the intermediate group(25 % ~ 45 %)have more positive and significant effects,and over time,the difference gradually increases.Third,the injection asset correlation is higher in the group of controlling shareholders ’equity concentration(< 45 %)Compared to the lower equity concentration group(> 25 %)and the intermediate group(25 % ~ 45 %)have a more positive and significant impact on market performance and financial performance.Finally,based on the research results,this paper puts forward relevant policy suggestions.