Research On The Impact Path And Effect Of Bailout Fund On The Performance Of Private Listed Enterprises

Private enterprises are an important foundation for China’s social and economic development.However,due to the nature of enterprises,deleveraging policies and the slowdown of macroeconomic growth,there are widespread problems of financing constraints,which lead to the bumpy development process of private enterprises and are prone to capital shortage.Equity pledge financing has opened up new financing channels for private enterprises due to its convenience and low financing cost.However,the high pledge rate will also aggravate the risks of enterprises.In 2018,the domestic economic growth slowed down and the A-share market was depressed,and A large number of private listed companies faced risks due to equity pledge.Our country in 2018 bail-out fund policies for private enterprises to implement rescue and help resolve the equity pledge risk and liquidity crisis of private enterprises,then around the government dominated by state-owned enterprises and financial institutions and other market participants in the policy guidance,actively set up a bail-out fund to support private companies,trying to improve the financing environment of the corporation,Promote the healthy development of private enterprise economy.The emergence of the bail-out fund has caused the attention of many scholars,but due to the implementation of the case is less,so the rescue fund comes into play after impact on the performance of the listed private enterprises path and the effect of study is less,and most scholars think bailout fund cannot bring positive influence for the enterprise,only a minority of scholars believe that the rescue could have a positive effect to the enterprise.In this regard,this paper selects the successful bailout case companies for systematic analysis,summarizes the success of their bailout,and has reference significance for other private enterprises to introduce bailout fund to play a positive effect.By reviewing relevant literature at home and abroad,this paper found that previous scholars mostly studied rescue cases from the perspective of the bailer.However,this paper used case study method to select the successful case Of Jiaxun Feihong as the research object and conducted analysis based on the perspective of the bailee.As the first private listed company in Beijing to be bailed out by the bailout fund,Jiaxun Feihong was bailed out by Zhonghai Fengrun,a strategic shareholder of Beijing Haidian District State-owned Assets Supervision and Administration Commission on September 17,2018.By means of event study method,comparative analysis method and financial index analysis method,the paper studies the influence path and effect of bailout fund buying shares in private enterprises.Firstly,literature research method is used to summarize the research status of domestic and foreign scholars and the development status,operation mode and type of bailout fund,laying a theoretical foundation for the analysis of the following.Secondly,this paper analyzes the reasons for the bailout fund to choose Jiaxun Feihong Company,and finds that first,Jiaxun Feihong has equity pledge risk.2 it is good news "faye’s own fundamental better conform to bail out the choice of the object,then to rescue the equity of the two sides signed type bail-out fund scheme and detailed combing rescue process,to study the influence of the performance path do matting,in the end,is also a research emphasis of this paper,to explore the rescue fund to enter good news after faye,good news feihong company’s market performance and financial performance,Verify the positive effects of bail-out funds.In this paper,through the analysis in the end,the following conclusions: about bail-out fund for better effects feihong performance path,one is through funding provided by the bail-out fund to enter can effectively reduce the enterprise equity pledge proportion,alleviate the risk of equity pledge,and can use the money they would further strengthen technological innovation,promote the company’s core competitiveness,which affects corporate performance;Second,strategic investors with state-owned capital background can increase the confidence of market investors,thus stimulating the rise of stock prices,and at the same time,by improving the strategic layout and affecting the ownership structure of corporate performance.As for the effect of the bailout fund,the above two influence paths will directly affect the performance of Good Information Feihong and have a positive impact on its performance,which is reflected in the positive market reaction.Meanwhile,the financing cost is reduced and the debt paying ability is significantly enhanced,but the indicators of profitability,operation capacity and growth capacity need to be tested in a longer term.Importance to sum up,with the development of private economy,macro environment downturn environment listed corporation will face a bigger challenge,equity pledge risk outbreak might have become the norm,the emergence of the bail-out fund for existing equity pledge the corporation provides a new solution of the risk,the future may have more private listed companies need to rescue fund.Therefore,this paper summarizes the influence path of the bailout fund on the performance of Jiaxun Feihong and the success of the bailout through analysis,in order to provide reference and experience for the subsequent private listed enterprises to better play the positive role of the bailout fund.