| In revised “Securities Law” in 2005,private placement was formally established in a legal way of refinancing for a company.After this,because of its relatively simple way of audit and few restrictions and money effect over the years,it became the first and mainstream way of refinancing of listed companies.The number of completed issuance increased rapidly from 36 in 2005 to 753 in 2016,the scale of private placement in the stock market has been greatly improved.Meanwhile,the stock market of non-public scale has also been greatly improved.The proportion of non-public offering to the whole refinancing scale has also increased rapidly,the proportion of raising amount increase by more than 300 billion in 2005 to almost 1.7 billion in 2016.This paper aims to study based on the historical data in the past 12 years(The object of the study is limited to the subject of the financial and non-public offering of the main board and Small and Medium Enterprise Board),and tries to analyze the rate of return of all previous distribution at different stages in the process of the case,whether it is consistent with the result of a tripartite game.First of all,in this paper,the author analyzes the internal and external driving factors of the rapid development of non-public offering,including but not limited to the advantages of system,policy orientation,market investment preference,industry merger and restructuring,marketing value management and wealth effect etc.Secondly,the author divides the research object into five different stages according to the progress of the distribution and carries on the empirical analysis to the five stages respectively.At the same time,considers the probability of positive return of each stage under the influence of the opportunity cost of each stage.In contrast to the secondary market transactions,subscribe to private bank’s equity is the first choice for the pursuit of a return to scale.Considering the bidding way of private placement,secondary market controls certain spreads during the application period(The difference between current stock price and offering price)has a great impact on non-public purchasing cost.Therefore,the author analyzes the difficulty of the game in different stages by analyzing the static game behavior and interest demands of the three parties(The secondary market ordinary investors,subscription related parties and publisher stakeholders)at different stages.In addition,the author also puts forward the game condition of the non-public offering of the company through the establishment of the dynamic game model of the whole distribution process.Finally,when studying private placement,other papers some emphasis focus on exit yields of the participant,or the balance of assets into shareholders,or focus on researching the institutional and efficiency of private placement etc.Compare with these papers,the innovation of this paper lies in: This paper focus on whether the results of the three-party game in the different stages of the distribution process coincide with the performance of the listed company’s stock price at different stages.In addition,according to the shortcomings of China’s private placement,combined with the conclusions of this paper,aims at protecting the interests of investors,the author proposes to improve and perfect our non-public offering details of the policy recommendations,which facilitate the regulators to better guide this refinancing way of normative and orderly development. |
PDF Full Text Request