Private Placement Of Asset Acquisition And Interest Exploiting

With the successful promotion of the share reform, China’s institutional environment has undergone great changes, the original controlling shareholders have stripped assets injected into the listed companies, and listed companies private placement of new shares to acquire assets of China’s securities market has become a hot. China Securities Regulatory Commission, respectively,"the issuance of securities of listed company’s management approach" May8,2006and September1issued and the "acquisition of listed company’s management approach" to make the private placement, as the controlling shareholder assets into the legality of payment of the price. Assets into the behavior of the controlling shareholders of listed companies has aroused widespread concern in academia, practitioners and market levels, but also by the majority of China’s stock market, retail investors and institutional investors sought assets into the types of stocks in the secondary market performance also seems to be a medium and small investors and institutional investors agree. However, in the interests of the asset injection process is conveyed to the controlling shareholder of behavior exist? Many empirical studies show that based on China’s capital market, the controlling shareholders of listed companies listed company emptied widespread, then the behavior of the controlling shareholder assets into private placement of whether this really is a listed company on the "support" behavior? Assets into the company’s controlling shareholder are not exactly high quality assets? Such actions will affect the value of listed companies? This article will address this research question.Select the title of this article Guangxi Electric Power Co., Ltd.(600236) private placement of new shares for the acquisition of a controlling shareholder of a case study, the theoretical benefits from the private placement to acquire the assets conveyed to start the analysis reveals the private placement of new shares of listed companies controlling shareholder assets acquired during the transfer of benefits means and methods, including:controlling shareholders of listed companies issuing new shares issued by manipulating the orientation of the discount rate, the private placement of new shares before the earnings management, as well as high-priced assets to the listed company into other ways of benefits.The research found:the controlling shareholder of the private placement led in theory and in practice there is the possibility of transfer of benefits. Laurel placement in this case has not only the power to achieve synergy benefits of its commitment to controlling shareholders and minority shareholders, has become the controlling shareholder of a listed company from its conveyed interests. By controlling shareholder of Datong Power rating agencies overestimate the value of the asset injection, manipulation of the private placement at an issue price of new shares, so that the same assets in exchange for more shares, resulting in inflated and the intrinsic value of companies listed on the company’s assets is impaired. Listed company private placement of new shares to acquire assets in the interests of transport will lead to reducing the intrinsic value of the enterprise, will eventually lead to decline in stock prices, the wealth of shareholders of listed companies has shrunk.Through the study of this issue, in theory, can reveal a listed company issuing directional manner and process of acquisition of the controlling shareholder assets transfer of benefits expand and deepen the study large shareholders and minority shareholders agent theory, private placement to acquire the assets of the rich theoretical explanation. In practice, you can improve the acquisition of the controlling shareholder equity private placement securities regulatory authorities and other systems to provide a theoretical basis.