| Since June 13,2019,when Shanghai Stock Exchange set up a new science and technology innovation board and carried out the registration system pilot,China’s capital market has started the prelude of the registration system of stock issuance,and on February 17,2023,the China Securities Regulatory Commission(CSRC)issued comprehensive rules for the implementation of stock issuance registration,which will significantly increase the number of newly listed companies each year.Meanwhile,in 2020,the Chinese government loosened the refinancing policy of listed companies,and the market for Private placements became active again,gradually replacing public offerings and rights issues as the most mainstream way for listed companies to obtain equity financing.Against this background,studying the motives and performance significance of Private placements by listed companies is of great importance.This article is expected to provide some references for listed companies that plan to use Private placements for financing by analyzing the motives and performance cases of NAURA Technology’s Private placements,also provide some insights for institutional investors and small investors in the secondary market who want to participate in Private placements and provide some suggestions for regulatory authorities to timely and effectively control the Private placement market.First,this article sorts out the theoretical foundation,research methods,and related literature of domestic and foreign scholars on the Private placement market as the basis for case studies.Second,it introduces the overall development history of NAURA Technology and the international and domestic development patterns of the semiconductor industry to which it belongs,and explains the processes and directions of investment development after NAURA Technology’s two Private placements were completed.Third,it conducts a key study on the motives behind NAURA Technology’s two Private placements,and conducts detailed analyses from the four dimensions of strategic development,financial condition,policy improvement,and corporate governance,ultimately summarizing seven specific motivations.Fourth,it explores the performance effects around the motivations,using the event study method to analyze and compare the announcement effects generated on the first day of the announcement of the two Private placements,and using the market model method to derive the regression model as the expected return of the company’s stock price during the event window period.It was found that both Private placements generated a positive announcement effect during the event window period,but it was also found that the company was suspected of insider trading before the Private placement,and the phenomenon and scope of the leak were more serious during the second Private placement due to the participation of institutional investors.Using the financial indicator method,this article analyzes the financial effects of NAURA Technology’s two Private placements from the four dimensions of operating capacity,debt repayment capacity,profitability,and growth capacity,with a total of twelve financial indicators.The research found that Private placements can effectively improve the financial effects of enterprises,bringing overall improvements in enterprise profits,debt repayment,growth,and operating capacity.However,the improvement in operating capacity is not particularly significant,and companies and their industries need to have weak cyclical and strong fund operation conversion capabilities to better leverage the performance of Private placements.Finally,this article summarizes the research conclusions and provides some insights from the perspectives of regulators,investors,and listed companies,and looks forward to future research directions for Private placements. |
