The Impact Analysis Of Companies' Performance That Finances Through Private Plancement Mergers In Growth Enterprise Market

Since 28 companies listed on the GEM in 2009,the GEM has been running for 9 years in China's asset market.The GEM market has solved the financing problems of many small and medium-sized enterprises such as innovative and high-tech industries that are temporarily unable to be listed on the Main Board.The GEM market has made up for the shortcomings of the main board market,supplementing the financing channels and development space of these enterprises.The assets raised by enterprises for private placements are mixed,which has a great impact on the future development and performance of the company.Therefore,studying the impact of private placement on the financial status of listed companies in GEM will help improve the quality of private placement of listed companies,help companies choose to introduce high-quality assets,and strengthen financial governance before and after,thus promoting the healthy development of the GEM market.During the research period,this paper firstly conducted an inductive analysis of the research on the issue of private placement at home and abroad through the literature research method,thus accumulating the theoretical basis for this inquiry.Combining the research results at home and abroad,the author begins with the impact of the private placement on the financial effects of the listed companies after the transformation,and elaborates on the impact of private placement on the listed company investors,the original shareholders and the listed companies themselves.Firstly,this paper takes the private placement of companies listed on the GEM as the research object.Based on the existing research on the quality characteristics of financial status,this paper analyzes the factors of the listed companies listed in GEM in 2014.It is found that the impact of private placement on listed companies is more obvious in the first year after the private placement.The profitability,operational capability,solvency,growth capacity and cash flow of listed companies have improved.The private placement of GEM listed companies has a positive positive impact on the company's solvency,development capacity,and cash flow status,and has a negative impact on the company's profitability and operational capabilities,and by comparing asset-based and non-asset-oriented private placements.As a result,it is found that the asset-oriented private placement has a better impact on the listed company's operating performance than the non-asset-type private placement.Secondly,the choice of case run and software orientation issuance,mainly concerned with the link between Run and software private placement and company performance.Through analysis of short-term market performance and analysis of long-term financial indicators,and comparison with different types of companies' private placement results,the impact of enterprise private placement on the company's performance is summarized: Runhe Software's private placement has positive announcements for listed companies.The effect has improved the short-term market share price of Runhe Software;it has a positive impact on the company's profitability,operational capability,and development capability,and has a negative effect on solvency;it has a positive impact on corporate governance and development strategies.