Research On Tunneling In The Process Of Private Placement Of Asset Injection

In the increasingly developed capital market,private placement has become the first choice for listed companies to refinance because of its simplicity,efficiency and few restrictions.However,due to the imperfection of the capital market,laws and regulations,the insufficiency of market supervision,and the improvement of the concentration of equity and the existence of information asymmetry in listed companies,there is a phenomenon of tunneling behind many private placement,that is to say,large shareholders carry out interest transmission through tunnel excavation,thus threatening the interests of small and medium shareholders.The financing methods of private placement can be summarized into four types:asset injection type,project financing type,introducing strategic investors type and supplementing liquidity type.Taking NanJingXinBai as an example,this paper studies the interest transfer behavior of asset injection private placement.On the basis of the existing theory,this paper starts with the motivation of interest transmission,analyses the means of interest transmission of NanJingXinBai,and reflects the economic consequences of interest transmission by analyzing the market performance and financial performance of NanJingXinBai after private placement.Through the research of this paper,the following conclusions are drawn:asset injection private placement often takes the way of injecting inferior assets with poor operating condition and development prospect and overvaluation to carry on the benefit transmission;though the existence of targeted issuance of benefits may bring better market reaction in the short term,but in the long term,it has a negative impact on the economic benefits of enterprises;the transfer behavior in the process of directional issuance affects the overall performance level of the listed company,but also affects the confidence of the minority shareholders in the investment.At the same time,I also puts forward the following suggestions:for the company,it is necessary to improve the corporate governance structure,improve the governance function of the board of directors and do a good job in the supervision function of the board of supervisors;for the regulatory body,it is necessary to strengthen the evaluation of asset injection and strictly control the evaluation organization to ensure that the assets are not overvalued,At the same time,it is necessary to make fair information disclosure of the company,and require the company to improve the level of information disclosure.In theory,this paper rearranges the existing theoretical basis,and refines the research focus into the private placement of asset injection,and draws the following conclusion that the opportunity cost and self-interest of the principal-agent will promote the benefit transfer of the listed company to the major shareholders,and the positive market effect of the injection of assets will have a positive effect on the short-term market performance of the listed company,but it is extremely unfavorable to the long-term performance.Therefore,this paper enrichs the relevant theories of the existing directional addition In the practical significance,this paper analyzes the motivation and means of the interests of the major shareholders,and puts forward some solutions for the modern corporate governance.