Sub-set Period Of China's Listed Companies. Share Private Placement And The Impact Studies

Utilizing the securities market for refinancing is an important way of rapid expansion and consistent development for the listed companies.And this is also a measure of development to optimize resource allocation function of the securities market.The targeted additional stock issue which is a kind of refinancing model is highly favored by the listed companies.Share merger reform of Chinese listed companies was a boundary of the choice to targeted additional stock issue.Before share merger reform,only a few companies adopted Targeted additional stock issue with small amount.But after that an upsurge of Targeted additional stock issue raised,not just the listed companies even the investors at secondary market were chasing the stocks which contained targeted additional stock issue concept.However,many listed companies were under performance after their targeted additional stock issue,not achieved the expected results.Many listed company's share price even broke the issue price.Therefore,how to understand the refinancing behavior -"Targeted additional stock issue" itself becomes more important.That is what the impact of the listed companies and securities market as well as how to develop and apply.Mainstream foreign capital market do not have a financing method which is exactly the same as our "Targeted additional stock issue",however they have mature experience and researches on refinancing of the securities markets,and produced some theoretical achievements.Therefore,we can learn from their research in this area and experience to guide our conduct of targeted additional stock issue.The thesis is based on the targeted additional stock issue of listed companies,analyzes the current effects and impacts of the listed companies,then makes some recommendations for improvement.The thesis is divided into 7 chapters:Chapter 1:Introduction.Raise the main issue of this thesis and the researching significance as well as introduce the framework and innovative point.Chapter 2:The background of targeted additional stock issue.Make comparisons of Chinese securities market refinancing conditions before and after the share merger reform. Then point out the phenomenon of which the targeted additional stock issue became more favorable after the reform.This chapter also elaborates the situation of targeted additional stock issue in order to present a comprehensive understanding.Chapter 3:Introduce refinancing theory and experience of foreign country.Introduce the concepts,processes and conditions of targeted additional stock issue.And do the corresponding comparison with public additional stock issue,share placements, convertible corporate bonds,and other means of financing.Chapter 4:Sum up the types of targeted additional stock issue at current stage and their strengths.In addition do some analysis on the characteristics of targeted additional stock issueChapter 5:The effects of targeted additional stock issue.Intensively analyze some areas involve:the company's share price performance,the subsequent changes in the pattern of the market,the performance of listed companies themselves,the impact of corporate governance,as well as the corresponding interest groups of listed company. Furthermore the thesis pointed out that the crux of the problem.Chapter 6:Provide suggestion on the development and standardization of targeted additional stock issue include diversifying the refinancing channels in order to offer further refinancing choices for listed company;optimize the control of refinancing activities of listed company,strengthen and improve the corporate governance of listed company in order to exert the full effect of refinancing;Fulfill the marketing price authentically for the protection of investor.For all expected to promote the positive development of refinancing market.Chapter 7:Conclusions.Summarize the main findings in this thesis,and forecast the future development of targeted additional stock issue of Chinese listed companies.