Research On The Motivation And Effect Of Xinfu Investment Fund To Rescue Dafu Technology

Since 2018,by the domestic economic downward pressure,structural deleveraging steadily advance,financial regulatory factors such as tightening,private enterprise external financing channels narrowed sharply,the controlling shareholder to solve the problem of financing,generally tend to choose efficient and convenient equity pledge financing way,thus caused the big shareholders "no shares not bet",abuse of liquidity,excessive leverage.In order to relieve the financing difficulties of private enterprises,resolve the equity pledge liquidation risk,the CPC Central Committee and The State Council put forward the concept of "rescue of private enterprises" for the first time and made a series of decisions and arrangements.The "rescue fund" with local characteristics emerged at the historic moment.This article in Bengbu investment joint China Cinda jointly set up rich letter rescue rich science and technology,for example,to explore the domestic first by "local government + information company +industrial capital + private equity fund" jointly formed a rescue fund how to resolve the risk of private enterprise equity pledge,and fundamentally improve "hematopoietic ability" of private enterprises.This thesis first based on the market prospect,social benefits and fit with the local development strategy analysis letter rich investment fund choose rich technology as the target,and from the financial support,corporate governance and strategic synergy analyzes the letter rich investment fund on rich technology rescue effect path,finally from the market reaction,financial performance,financial risk,governance structure analysis four aspects of the economic effect of rich technology.Research found that although rescue fund is a kind of policy,temporary tool,but capital profit-driven make both the pursuit of the value,is the company operating performance,so letter rich investment fund in the screening rescue object,will tend to choose the fundamentals are good,can bring higher social benefits,and its development strategy more fit Dafu Technology,in addition to provide large funds to resolve rich equity technology pledge risk,letter rich investment fund by easing financing constraints,optimize decision-making mechanism,integrate external resources to promote Dafu Technology itself "hematopoietic",in order to achieve benign long-term rescue.In terms of the bailout effect,first,The intervention of the rescue fund in the short term,Improve market confidence and expectations;second,Dafu Technology uses the injection of large-scale rescue funds to optimize the capital structure and the extension of debt repayment period,To temporarily ease the debt repayment pressure of enterprises,Improve the enterprise net profit from the financial statement level,And help Dafu Technology to expand business channels,financing channels,improve its ability to resist risks;third,The formal implementation of the rescue plan has effectively reduced the financial risk of Dafu Technology,Up in 2022,But it is still under control;fourth,The addition of Xinfu Investment Fund did not lead to the change of control of Dafu Technology,Instead,to promote enterprises to improve their business decisions and optimize their development strategies,improve corporate governance capacity.Based on the above conclusions,this thesis argues that in the future operation of the bailout fund,the government and financial institutions should establish the evaluation system of the rescue targets and improve the risk-sharing mechanism.At the same time,the rescued enterprises should also strengthen the supervision and management of the rescue fund and improve the core competitiveness of the enterprises,so as to effectively improve the operation efficiency of the rescue fund and support the high-quality development of private enterprises.