Research On The Performance Of A Company’s Private Placement Under The New Regulations Of Refinancing

As a refinancing mean of public companies,private placement has always been loved by the market.Private placement was first explicitly stipulated in 2006,allowing companies to raise funds through private placement.With the development of the capital market,policies and regulations related to refinancing have been continuously improved.The number of enterprises choosing private placement has increased and the issuance scale has expanded,but there are also many enterprises taking advantage of arbitrage through private placement.Therefore,Therefore Securities Supervisory Association to financed in2017 the policy to carry on again has tightened the revision,We Protects investor’s legitimate rights and interests,further improved the system for issuing shares in the capital market,and regulated the non-public offering of shares by listed companies.In February2020,China Securities Regulatory Commission relaxed and revised the refinancing policy based on the market environment,reducing the restrictive conditions and lowering the threshold.A series of new regulations on refinancing stimulated the financing demand of the capital market and stimulated the capital market vigor.In 2020,the number of preplans for private additional issuance reached 893,a year-on-year increase of 174.77%.The total amount of private placement raised by listed companies was 827.661 billion yuan,up21.75% year on year.Since the new regulations on refinancing were issued in 2020,the number of private placement implemented and the total amount of funds raised kept growing.Therefore,finances again for the research enterprise the achievements which under the new gauge the direction detection increases sends,this article chooses A Corporation to take the object of study,union methods and so on literature methodology,event methodology carry on the case analysis,so as to obtain the performance of Company A’s market performance,financial performance and strategic performance after private placement,which can provide certain suggestions and references for other companies with private placement plans.To begin with,the thesis explained the research backdrop and the sense,Increase a literature review,include the motivation of Private placement,the market achievements of Private placement,the financial achievements of Private placement and the influence of the the new gauge on Again finances to the capital market.explained the concept of Private placement,and put forward the information not assymetrical theory,the opportunity window theory,the stockholder’s rights financing theory takes by chance as this article rationale.Then,the background of new regulations and policies of refinancing is summarized,the company is introduced and the private placement program is introduced,and the purpose of private placement is briefly analyzed.After then the key analysis research focuses on the A Corporation market,financial,the strategic achievements performance and draws the conclusion: Adopts the event methodology to study the market achievements,the analysis event window time stock price,the computation exceeds the quota the returns ratio and the accumulation exceeds the quota the returns ratio,after observes the A Corporation direction detection to increase sends the stock price change situation,obtains its market announcement effect performance;Adopts the entropy value law research finance achievements around,from the debt redemption ability,seeks to make a profit ability,operational capacity,cash ability as well as development ability compares A Corporation the before and after the targeted issuance financial situation,and crosswise compares with the profession average value,analyzes the A corporate finance achievements whether is improved;The application finance strategy matrix carries on the strategic achievements analysis to the A Corporation worth-added capacity and sustainable development powers.At last in the previous analysis foundation,provide some suggestions for public company which plan adopts the Private placement in the future.By studying the performance of Company A’s private placement under the new refinancing regulations,draws following conclusion: 1.A Corporation market achievements remarkable promotion,private placement increased in 2020 sends improves the market achievements to A Corporation to have the positive role;2.financial achievements whole has the change for the better,but debt redemption ability also must promote continually;The 3.A Corporation strategy achievements do not have the distinct enhancement,must optimize the fund raising,the investment,the dividend assignment strategy continually.Therefore,obtains three enlightenment according to the conclusion,for the future planned adopts the private placement to increase sends to be listed to provide the reference: 1.formulation reasonable effective financing plan;2.encouragement choice strategy investor way carries on the private placement;3.Reasonably use the purpose of funds raised through directional additional issuance.