Research On The Tunneling In The Process Of Private Placement Of Listed Companies

On the 31 th January,the government issued a law about the state council on promoting capital market reform, opening up and stable development of several opinions.After the reform of non-tradable shares, non-public offering had gradually developed into the most common refinancing tool due to its simple and efficient effects.However, it has not been exsited on our refinancing market for long,and the overall level of regulations under the premise of needs to be improved still.The non-public refinancing still exists many problems, among them, conveying to the benefit of large shareholder is the most controversial point that not allow to ignore.This artical takes the case of Bank of Beijing to study how “Tunneling”happens through the process of private placement of listed companies.The case of Bank of Beijing happens during a long period from 2011~2012,which attracks lots of attention both inside and outside the capital markets.The purpose of this paper is to bank of Beijing as the investigation of listed Banks in the process of the purchase in the form of the indemnification way and main characteristics.This article altogether is divided into five parts.Firstly,the introduction describes the overall research and analysis of the background and reasons, and stretching of the concrete practice, theoretical significance, and elaborated this article writing mentality and concrete frame.Secondly,this artical contains a large number of domestic and foreign literature reviews, which aims to lay a solid foundation for the whole study;Thirdly,this artical studies the current domestic listed companies emerge in endlessly the interests of the transportation mode in order to point out the potential harm. Fourthly,this artical studies the directional issuance event of Bank of Beijing to analyze the relationship between the incident and the indemnification for the depth of data mining,then we describe the market reaction related.Finally,the artical gets the conclusions and advices with the analysis:a、From the date of issue of the actual price setting, the longer the time interval in the room of stock price manipulation is more sufficient, therefore suggested price setting should as far as possible close to the date of issue of the actual, can be issued before the board meeting, even the best is issued on the first day, so that the most effectiveness of pricing reference significance which is easy to find problems of stock price manipulation and regulation in a timely manner, greatly compressed to the controlling shareholder profits space.b、The specification should be as much as possible to consider the object’s screening, to avoid to the interests of the transportation problem.c、Due to the period from lauch date to the actual fund-raising date is relatively long, so the company big shareholders of the company’s share price manipulation is the more space, so this paper argues that the date of issue of the determination of price setting is best close to actual fund-raising interval date.d、Preventing size of ban or major shareholders should consider restricted stock release to irrational impact caused by its healthy development, strengthen the protection of the rights and interests of small and medium-sized investors to more practical significance.