The Research Of Causes And Regulation On The Transfer Of Benefits In The Private Placement Of The Listed Companies

Private placement, as the split share structure reform to achieve substantive results appear on the capital market after the new equity financing and then, once favored by the market launch will gradually become the equity capital market in China in recent years to refinance the mainstream and the majority of investors hit. Transport behavior of large shareholders in the modern corporate governance a prominent issue, China's stock market as emerging and transitional markets, the interests of major shareholders of listed companies transfer behavior is particularly serious, before the split share structure reform is more apparent. Way of private placement before the formal launch, China's capital market does not follow the Western classic "pecking theory", and extreme preference for equity refinancing and other means (including public offerings, placements, etc.), and to give the market a negative, negative signal - that have negative short-term and long-term market reaction; equity refinancing poor performance; equity refinancing often as a listed company or listed company, "misappropriating" tool. As ownership concentration of listed companies and shares held by major shareholders and more non-tradable shares, the largest shareholder in order to achieve the maximization of self-interest, through equity financing, cash dividends, capital occupied, and connected transactions of listed companies way of resources to achieve the transfer of Listed Companies hollowed out The purpose of serious violations of the interests of small shareholders. China's current legal system is imperfect correlation of interest arising from transfer behavior is one of the reasons to obtain private benefits of control is the major shareholder of transfer of benefits caused by acts of the direct driving force. Placement in the non-associated shareholders, the price of private placement have not been down; not find the controlling shareholder and other related only to the placement of the shareholders of listed comp companies through private placement into the non-performing assets to achieve the objective signs of transfer of benefits; found the year in the private placement, there are very few listed companies through cash dividends, transfer of benefits to large shareholders. Based on the major shareholders of the private placement, for example, of the major shareholders of listed companies to the private placement program implementation process and the major shareholder of synergy between the interests of minority shareholders, and further analysis of its theoretical roots and institutional causes. We found that although the private placement is a major shareholder advertised the interests of minority shareholders and concerted action, but the lack of appropriate systems to ensure that, in the private placement during the implementation of the program, which has become a major shareholder of listed companies from the transfer of benefits to its tool. We believe that the market and regulators generally placed the financing, the multiple expectations of improved corporate governance, private placement, but in its essence, a "double-edged sword," and only when the corresponding theory of constraints and institutional preconditions are met in order to effectively play its role. In this paper, is gradually improving in the private placement formulation of relevant policies and regulations have some enlightenment.