Research Of Tunneling In Private Placement

After the initial public offering(IPO)of listed companies,the use of capital market offerings,public offerings,private placements,issuance of convertible bonds and other tools to finance investment institutions or individuals is the current refinancing of equity in China.behavior.From the development of China's refinancing market,the changes in the equity financing methods of listed companies in China mainly occurred in 2006,that is,before and after the split share structure reform,before 2006,most of the listed companies in China passed the rights issue and The public offering of shares for financing,a very small number of private placements,and after 2006,with the completion of China's share-trading reform,the securities regulatory authority lowered the threshold for private placement,due to its issuing procedures,flexible and convenient requirements,and many Advantages,more and more listed companies have turned to private placement for equity refinancing.In addition,from the perspective of the overall size of the capital market,China's regulatory agencies have greatly encouraged the implementation of the private placement policy,and it has indeed played a positive role in giving me the operating performance and resource allocation of listed companies in the capital market.However,due to the imperfect laws and regulations in the current equity refinancing market in China,the supervision and management institutions are not strong.Even after the share-trading reform,there is still a high concentration of equity in some listed companies in China.The different interests between management and control have led to some behavioral decisions,and there are also serious information asymmetries between large and small shareholders.And the agency problem,the major shareholder or controlling shareholder often use its dominant position to interfere with the business management,so as to use the system gap in the process of private placement to carry out the benefit transfer,through the low-priced subscription of the additional shares,the inferior assets injected into the false high evaluation,The additional issuance of the subscribed shares for the reduction of cash and other behaviors to meet their own interests,thus adversely affecting the interests of small and medium shareholders and the company's longterm operations.In this paper,through the combing of domestic and foreign literature on the transfer of interest in private placement,it is found that foreign scholars tend to start research based on the characteristics of foreign capital markets and listed companies,while most of domestic research focuses on the short selling of major shareholders.The performance research of listed companies injecting assets,after the authors systematically sort out the existing research results of domestic and foreign scholars,based on the relevant theories of monitoring hypothesis,defense hypothesis,and information asymmetry,the existing private placement of China's capital market and The status quo of benefit transfer is deeply analyzed.At the same time,the existing defects of China's private placement system are expounded.By summarizing the common interest transfer phenomena in China's current equity refinancing market,the framework for the subsequent analysis of smart energy case is laid..In the case study,the article chooses to use the listed company's smart energy as the research object of this case.Through the author's preparation in the above chapters,the smart energy in the private placement will be analyzed and analyzed,and the company will be privately issued.The research conclusions are drawn from the research and analysis of the motivation,implementation process,short-term and long-term economic consequences of the whole process before and after the process.In China's huge and special market environment,the general name of the listed company's private placement is the good news for the company's long-term business development and ignores the large shareholders' encroachment on its interests.The research conclusions of this paper can help the capital market investors.It is better to identify the potential risks of the company in the non-public issuance of shares,to help small and medium investors or major investment institutions to identify the company's real additional issuance,and the conclusions of the article also help to supervise the management institutions' interest in China's huge private placement market.The regulatory governance of transportation problems has certain practical significance.Based on the analysis of current status and specific case analysis of China's current equity refinancing market,based on relevant domestic and foreign literature and existing theories,this paper analyzes the problem of interest transfer in the process of private placement of listed companies.The author chooses such a logical framework.In order to carry out background research through the refinancing method of all equity in China's macro capital market,including private placement,to sort out the status quo of China's private placement,and to sort out the most common methods and motivations of interest transfer in this process;The specific analysis of the case,through the financial indicators and event research methods,based on the data results again to study the process and economic consequences of the benefits of private placement,and draw the conclusions.In addition to the research,the article research can supplement the relevant research results of the existing academic circles.On the other hand,it can construct suggestions for the capital market supervision and management machine,and also provide investment opinions for the investment behavior of small and medium shareholders,and make the healthy development of China's capital market.Contribute.This article has a total of six chapters.The first chapter is the introduction,which elaborates the background,theoretical and practical significance of the research topic,and describes the research ideas and research framework.In addition,the author puts forward the specific methods and expected contributions of the author.The second chapter is about the literature related to private placement and interest transmission at home and abroad.After reviewing the previous literature,the author provides the research perspective and direction for the subsequent paper writing.In the third chapter,the author further based on the above literature basis,further analyzes the motives of the private placement of listed companies and the main ways of benefit transmission through relevant theories,and defines the core concepts related to private placement.In the fourth chapter,the author conducts a macro study on the current status of China's current equity refinancing market,focusing on the development and evaluation of the current development scale and institutional policies in China,and paving the way for the micro-analysis of the next case.In the fifth chapter,the author analyzes the smart energy case and logically sorts out the whole process of the smart energy.The focus is on the inductive analysis of the company's existence behind the additional issuance,and after the company's private placement is completed.The company's short-term announcement effect and long-term company operating results were discussed and relevant conclusions were drawn.The sixth chapter is the research conclusion of the author's article.Through the previous research on the macro-market of private placement of benefits,combined with the conclusions of the individual case analysis of this article micro-angle,the conclusions and recommendations of this study are put forward,focusing on the listed companies.Starting from the basic motives and delivery forms of interest transfer,we will focus on the corporate governance structure,pricing system,asset appraisal,reduction of current holdings and protection of small and medium-sized investors' rights and interests,and provide for the private placement system in China's special market environment.The policy is to provide guarantees for the company's operation and management,and the interests of small and medium shareholders.