Study On The Influence Of The LONGJI's Private Placement On Market Value Management

In the capital market,enterprises will use a variety of capital operation means to carry out market value management,which is inseparable from the regulatory authorities,investors and shareholders of the company to the market value management.Common means of capital operation include non-public issue of shares,rights issue,equity incentive,etc.,while non-public issue once became one of the most popular means of operation.Longji stock,as a leader in the photovoltaic industry,has been focusing on the production of single crystal silicon sheet,cell sheet,etc.,and enhancing the value of the enterprise through technological innovation,industrial chain extension and other means.Existing studies have studied the ways to influence market capitalization management from three aspects:value creation,value management and value realization.Based on this path,this paper makes a systematic analysis of the case enterprise' s two fixed and incremental investment,and finds that:first,the strategy plays a guiding role in guiding the choice of the enterprise' s operation and capital operation;Secondly,the project based on development strategy can better adapt to the internal and external environment and create value from the aspects of technological innovation and scale advantage.Third,enterprises can comprehensively use a variety of capital operation means to carry out value management;Fourthly,both the fundraising project and capital operation can enhance the information transmission.In addition,reputation management and information disclosure pipeline can enhance the quality of information transmission and make the market value match the enterprise value.The innovation of this case study lies in that it is of more practical significance to take private placement and fundraising project as a whole and make a comprehensive analysis.The conclusion of this case study is of theoretical and practical significance to understand the influence of the firm' s stock placement on the market value management.On the one hand,this paper is a supplement to the existing literature,full of theoretical significance;On the other hand,this paper hopes to comprehensively analyze the market value management of enterprises from the perspectives of private equity raising and project implementation,so as to reduce speculation and arbitrage,and find out how to spend the blank period from financing to production.