Analysis Of Potential Benefit Transfer Behavior In Private Placement

Private placement refers to the way that listed companies issue shares to specific investors due to capital needs.At present,China's rigid requirements for companies that choose private placement financing are more relaxed.Therefore,even loss-making enterprises can obtain funds through private placement.Under the current economic situation,listed companies often conduct private placement for the purpose of obtaining funds and transferring benefits.However,our country about the purchase of related system is not perfect,weak protection for small and medium-sized investors,law enforcement,there are some loopholes,which creates a arbitrageurs are profitable on the market,the largest shareholder by regulatory hole transfer phenomenon of corporate profits,this behavior will not only hurt the interests of the company,will also disrupt the market order of fair,need to attract the attention of the relevant units.Compared with domestic researches on private placement,foreign researches are more in-depth.The main researches focus on the discount rate of private placement,the positive and negative effects of private placement on enterprise performance,and the potential benefit transmission in private placement.In contrast,most of the researches on private placement in China are carried out by empirical methods.This article adopts the method of combining theory and case,and makes a brief elaboration on the relevant research and theoretical basis of private placement at the beginning of the article.Then on the basis of literature review to introduce to Sheng Tun mining company as a case,the secondary factors and possible interest transfer behavior,increased after short-term announcement performance and enterprise value change etc is analyzed,and on this basis on how to prevent the relevant units the indemnification conduct some policy Suggestions.Mining as a case study object,this article selects ShengTun ShengTun mining in within ten years from 2010 to 2019 successively completed six directional issuance,this article selects the twice with large amounts of private assets into the study,analysis Sheng Tun mining in the process of directional secondary injection exists the potential benefits of transportation way,through the Sheng Tun mining when consider the selection of the benchmark day,for the injection of assets price evaluation,equity pledge the phenomenon such as analysis,deduce possible interest in raising conveying conclusions.And compared the share price movements,after the announcement of the decision of the board of directors has the value of the company's financial performance indicators before and after the calculation and the purchase of the movements,think that this article selects two set are produced negative announcement effect,did not bring the ascension of the enterprise value,and high price of bad assets injection has hurt the long-term operational performance of listed companies.Shengtun mining is a typical listed company suspected of interest transmission in multiple private placement,which has certain reference value in sorting out the process of private placement.Through the analysis of this paper to listed companies through private placement to manipulate the means of profit made an analysis of summary,remind the small and medium shareholders and regulators to pay more attention to the prevention of related transactions,has a certain warning role.Due to the late start of the research on private placement in China,although there are many studies on the mode,discount effect and announcement effect of private placement,there are still few longitudinal studies on the specific cases of multiple private placement and the consequences of private placement.Therefore,by combing the domestic and foreign literature and combining with the specific cases of several private placement in shengtun mining industry,this paper analyzes and evaluates the methods and paths of interest transmission,as well as the impact caused,and provides a certain research basis for both the research on the path of private placement and the economic impact of private placement.