A Case Study Of Henan Ancai Hi-Tech Co.,Ltd By Share Private Placement Financing Efficiency

With the continuous development and improvement of China’s capital market, the demand for financing of the listing corporation is also growing. 2006 has promulgated and implemented the “Securities Law” and “the listing companies to issue securities management approach” is a listed company opened a private placement system gate of refinancing and private placement to the easing of terms and conditions of issuance, faster approval and relatively low cost characteristics by the favor of listed companies. After nearly ten years of development, the private placement has become one of the most important ways of refinancing in China’s capital market.Foreign developed capital market appeared earlier in the way of private placement to raise funds and foreign scholars also the were more extensive and in-depth study; phase compared with other financing ways, private placement in China’s capital market time is short, continue to improve the relevant legal system, Chinese scholars have multi from directional additional interest related transmission angle is studied, the effect on enterprise private placement less involved. With the continuous expansion of China’s capital market in private placement of listed companies the number and size of, directed to relevant enterprises strategic transformation in the process of project construction and the additional financing research is very necessary.In this paper, combining theory and case research methods. Firstly, the paper introduces the background and significance of the research topic, and on the Chinese listed companies in the private placement of target and on the orientation of additional effect evaluation are introduced. We select Henan Ancai Hi-Tech Co., Ltd as the object of case study, the company is to solve its strategic transformation in the process of new project funding sources in 2013 the private placement. In this paper, some applied to Henan Ancai Hi-Tech Co Ltd basic financial indicators and EVA indicators index of the private placement and business results were analyzed, in order to evaluate enterprise directional additional effect. After the analysis of the case found that private placement the enterprise capital structure has been further optimized, to ease the tension in the enterprise cash flow, to further enhance the solvency of enterprises, operating conditions improved, the company raised to funds and effectively promote the enterprise strategic transformation. Based on the above research, this paper puts forward some suggestions on strengthening enterprise management.