The Research On The Changes Of Directional Increased Issuance Of Benefit Delivery Method Under The New Policy Regulations

The private placement has been developing in China’s capital market for more than ten years.It was once welcomed by listed companies due to its simple audit procedures and huge financing amount.However,at the same time,the transfer of benefits in private placements has also become a hotspot for scholars.The study found that listed companies will use earnings management,timing selection,asset restructuring and other methods to transfer profits in the direction of additional issuance.The reason is not only corporate governance In addition to the factors at the level,the imperfection of relevant regulations on private placement also provides space for the transfer of the interests of large shareholders.Based on this,in February 2017,the China Securities Regulatory Commission promulgated the "Measures for the Administration of Securities Issuance of Listed Companies(Revised Version)",which aims to supervise and restrict the increasing interest transmission in the fixed increase.Then,after the promulgation of the new regulations,the interests of listed companies Is the delivery restricted,and has the method of benefit delivery changed?This article studies this from a specific case.This article takes Shengtun Mining as an example to deeply study the benefits of directional issuance.The reason is that Shengtun Mining has carried out five directional issuances in 7 years,and it has the conditions and background to study the policy effects of new regulations.The article studies the three fixed increments of Shengtun Mining before and after the new regulations,analyzes whether there is a suspicion of profit transmission and the way of profit transmission for each directional additional issuance,and then observes whether the profit transmission means before and after the new regulations have changed,and finally analyzes The policy effect of adding new regulations.The conclusion shows that the new regulations will make it impossible for listed companies to change the price of directional issuance and the transfer of benefits through frequent directional issuance by modifying the pricing base date,issuance scale and issuance interval.Tun Mining’s high-price injection of assets,major shareholder reductions,and equity pledges have not been affected by the new regulations.Therefore,at the end,the article puts forward relevant policy suggestions for the evaluation of injected assets,full information disclosure,and pledge of large shareholders’ equity.