| As one of the financing methods,directional additional issuance mainly aims at the limited specific investors to issue bonds or stocks.Since the promulgation of the measures for the administration of the issuance of securities by Listed Companies in 2006,the securities market has been operated in a more orderly and standardized way.Directional issuance has the advantages of simple issuance conditions,low issuance cost,short issuance time,etc.It has become the first choice for listed companies financing methods.Therefore,in recent years,the financing scale of directional issuance has been kept at a high level in China.According to the trust reports published by the relevant trust institutions,it is gradually becoming an important appeal point for directional additional issuance to take the means of financing and asset acquisition.Due to the information asymmetry between the two sides of the transaction in the financing process,in order to ensure the interests of the financing parties,the two sides of the financing signed a performance commitment agreement to promote the successful implementation of the targeted issuance program,encourage the target company to operate and build a win-win situation for both sides of the targeted issuance.In our country,performance commitments are generally regarded as a value adjustment tool,which mainly defines the rights and obligations of both parties in the form of a contract.However,with the widespread application of performance commitment,the risks are also emerging.In this context,this paper uses literature research,case study and event research methods,based on the theory of priority financing,principal-agent theory and other related theories,combined with domestic and foreign literature,to analyze in detail the causes,effects and problems of the targeted issuance of high performance commitment of Liantronics.This paper uses event research method to explore the market reaction brought by the high performance commitment directional additional issuance of Liantronics,and systematically analyzes the impact of the high performance commitment directional additional issuance on Liantronics from the aspects of operating capacity,shareholder wealth and earnings quality,and summarizes the problems and risks in the case of the high performance commitment directional additional issuance of Liantronics.This paper combines two aspects of private placement and performance commitment to conduct case study and analysis,hoping to play areference role in the selection of private placement scheme and improvement of performance commitment agreement for listed companies.Through the case study of the targeted issuance of high performance commitment of Liantronics,the following conclusions are drawn:(1)the targeted issuance can improve the financial situation of Liantronics in a short time,but its later influence is weak;(2)when the listed companies choose the target of targeted issuance,they need to give full play to the synergy effect in combination with their own situation;(3)in the process of targeted issuance,the performance commitment of the target of targeted issuance is determined To some extent,whether to meet the standards affects the company’s operating conditions,so it is necessary to establish appropriate performance commitment objectives.According to the case study of this paper,we can draw the following enlightenment:(1)the listed companies should choose the appropriate financing way;(2)the commitment parties should improve the performance commitment agreement;(3)the supervision department should strengthen the supervision of related matters. |
