Case Study On T Company’s Private Placement Effect Evaluation

Referring to the development of private equity in the world,after the launch of the Science and Technology Board in 2019,private equity is expected to gradually grow into the third largest financing method after bank loans and IPOs,and private placement is the focus of private equity funds.The predecessors’ research on private placements mostly focused on empirical analysis,such as: the public announcement effect of private placements,the issue of discounted issuance,and the impact of long-term performance.The rare case studies mainly analyze the possibility and mode of benefit delivery in the process of fixed increase,while the positive analysis of successful fixed increase cases is relatively lacking.However,the more common case in the market is the case of successful private placement,so in order to measure the success of the company’s private placement,it also analyzes and summarizes the experience that can be used for reference to provide more fixed growth for the primary and secondary markets Refer to the information to reduce the information asymmetry,and the multi-dimensional quantitative evaluation of the company’s directional additional issuance is required.This paper selects a successful T company,which refers to and composite the way of evaluating the effect of private placement,and constructs a quantitative evaluation index of the private placement effect.From the selection of the rationality of the private placement,the secondary market,the institutional investors participating in the private placement and the The company dimension is used to evaluate and analyze the effect of T ’ s additional issuance: Based on the earnings per share method,the rationality of T’s selection of additional issuance as a refinancing method is evaluated;based on the event research method,CAR and BHAR indicators are constructed to analyze the short-term growth of fixed increase And the long-term stock price effect,evaluate the secondary market investors’ recognition of this project’s fixed increase,analyze the reasons and summarize the experience;based on the self-built multiple regression model,calculate the difference between the actual return rate and the expected value(DV indicator),compares T company with companies in the same period of fixed increase in the industry,evaluates the earnings effect of institutional investors participating in the fixed increase,and analyzes the typicality of the fixed increase plan that produces this effect;based on financial analysis,from profitability,analyzes of the four aspects of debt solvency,operating capacity,and cash flow in detail,combined with the Atman Z value model and EVA indicators,from the perspective of financial risk and company management,comprehensively analyzes the financial effects of private placement.Finally,it summarizes the experience that T Company can learn from the success of this fixed increase,and gives policy recommendations on optimizing the targeted additional issuance market: including establishing a comprehensive budget system and financial analysis system,improving investment and research capabilities,and attaching importance to due diligence and establishing a fixed Increase the third-party evaluation mechanism after the project and strengthen the multi-level supervision system.Then it is concluded that it is reasonable to choose directional additional issuance as refinancing,the stock price effect,the fixed-income institutional investor income effect,and the financial effect are all positive and superior to companies in the same industry.