Assets Into The Investment Value Of Listed Companies

Since the equity-split-reform, Asset injection is becoming the important way to capitalize majority shareholders' asset. Both domestic and foreign scholars have done a lot of research on this issue. However, we have to wonder: Why the majority shareholders actively inject assets into listed companies? Are the injected assets really high-quality assets? Do the minority shareholders benefit from asset injection? The paper analyzes how asset injection influences investment value of listed companies, taking example for CSSC; the game of participants for benefit in asset injection, the background and motivation of assets injection; and whether the way hurts or benefits listed companies on earth. The paper does research on the impact of asset injection to CSSC's investment value by event analysis, relative comparison, Du Pont System, from different perspectives, for instance, response of market , financial perspective, valuation and the timing of asset injection.The paper finds that CSSC's both majority and minority shareholders acquire benefit in practice. However, the majority shareholders' benefit is far more than the minority. Non-public-issuing and asset injection can significantly change the operation of listed companies, the structure of benefit between shareholders and cause severe fluctuations in share price. When the asset injection is able to create new value, issuing price is reasonable, and the injection timing is appropriate, the asset injection will raise the investment value. Due to limited knowledge, the writer does preliminary research, and can not explore the real interest equilibrium of shareholders and draw more accurate conclusions.