Listed Companies In China A-share Private Placement Of Empirical Research

With the continuous development of china's capital market, the need of share financing for listed companies is increasing, and simultaneously, the main method of financing has become additional shares offering. In this case, The private offering of additional shares, a broadly used and highly marketable means of share financing, has constantly been tried and promoted so as to has great impact on rising the value of china's listed companies, on promoting the collaboration and competition for operating targets, as well as on solving problems about investing or financing. Especially in 2006, the accomplishment of the reform of non-tradable shares spurred china's stock market to revive, and on 8^th.May, CSRC released a law concerning securities' issuing, which laid a foundation for the private offering of additional shares in china. It can be anticipated that, during the coming years, the private of additional shares will continue being the most important means of financing accompanied with the updates of its executive rules. Furthermore, more and more new-type capital tools will also come into being.It is valuable to do research on listed companies' private offering of additional shares. On one thing, this method came into use very early aboard, so interrelated rules and procedures seem to be more mature. However, for listed companies in china, the use of this method is still in the early stage because of the large difference in capital market environment, and a various of problems can not be properly solved. In addition, little research on private offering of additional shares makes it more difficult to promote in china. Therefore, doing research on this method so as to figure out more new -type capital tools is the basic power to develop capital market's efficiency and to identify the direction. On the other thing, compared with some big-scale listed companies abroad, the majority of companies in china is in the range of mid and small enterprises, these companies are more suitable for private offering of additional shares, so by doing research to properly use the method can bring out more benefit to both of listed companies and investors.The article mainly does research on private offering of additional shares by determining both of its quantity and nature, and cites some statistical and financial theories. Furthermore, the article selects samples formed by more than 100 listed companies that have tried the method since 1998, based on which this method's motivations, price rules, as well as characteristics could be concluded, its comparison with other traditional methods also be conducted. Besides, the article focus on two specific listed companies, Shanghai Automotive Co.,Ltd and Gree Co.,Ltd, and comprehensively estimates the possible impact on listed companies before and after the private offering. Then in the forth part, the impact on different kinds of shareholders inside is also be measured by modeling, making great sense in their benefit coordination. At last, according to problems figured out above, not only the article makes some suggestions, but also designs some new-type capital tools associated with private offering of additional shares.