| Private placement, also known as non-public offering, refers to the listing Corporation through the issue of new shares to specific investors to raise funds for the use of specific funds. Due to the late start of China's capital market, private placement as a listed company equity refinancing means until 1994 began to appear. In 2005, China's stock market has been the implementation of equity division system, the same shares with different rights resulted in between large and small shareholders serious conflicts of interest. After the split share structure reform in 2005, China's private SEO market started to grow up, from the issue of the number and size of the fund-raising, the national increase market development has experienced two very distinct stages of development:first stage is 2006-2012. Our national growth market in a relatively stable development period, average annual placement 129, with an average annual compound growth rate was 20.9%; the second stage is 2013-2015, will increase the market into a blowout type development stage, the average annual decided to increase the number of 518, with an average annual compound growth rate is 74.8%. With the continuous improvement of the operating mechanism of China's capital market and the private placement policy, private placement the listed companies has become a main means of financing, and with economic deleveraging, registration system implementation, the capital structure of large-scale market, large-scale implementation of future directional add hair will become the norm. For investors, especially institutional investors, different from 2006-2012 years the private placement is relatively stable growth period, nearly three years of private placement cases and fund-raising amount into a growth spurt, and according to Kalay and Shimrat (1987) put forward the stock price pressure hypothesis, stock price and stock supply negative correlation, the demand curve of company the stock is downward sloping, a massive increase in the supply of shares will cause the stock price fell, especially after the 2015 change radically the capital market, investors become more rational and conservative, so in the current set by the market environment, whether private placement also has a few years ago that high investment value? Investors in the bidding to participate in the private placement, there is no a more reasonable discount rate reference standards or decision-making ideas? How to analyze the investment value of the project before and after participating in the private placement, and take the corresponding risk control measures to lock the income? The answer to these questions is the main research content of this paper.At present, domestic and foreign scholars mainly from the private placement of discount or premium issue motivation, the announcement effect of private placement, private placement of the long-term benefits of, directional issuance of the lifting of the ban period share price performance in several areas of directional issuance of more in-depth exploration. But because the market environment of China's capital market, operation mechanism, development level and developed countries have a greater degree of different foreign experts suggested some hypotheses and theories such as monitoring hypothesis, managerial entrenchment hypothesis and not very much in line with China's current market will increase the characteristics of; and domestic scholars using the data also basically are to 2013 years ago increased data, is obvious,2013 began in China will increase the market into a different stage of development. Generally speaking, the research of scholars at home and abroad are based on ex post perspective on what has happened in the directional additional for a summary of the theory. This paper from the whole of studied the characteristics of development since 2006 China's A-share market orientation placement, the discount rate differences and yield rate etc., and from the general to the specific, through a specific case to analyze directional issuance issued before and after the investment value, corresponding risk characteristics and risk control of the feasibility, for investors, especially institutional investors to participate in the private placement to provide more rational decisions increase the investment value analysis method.Through the investigation and research of this paper shows that in 2006, the development of our country to increase the market showed the following characteristics:on the issue of the scale and distribution of the number of stages, difference is obvious; in the structure of participants, institutional investors accounted for continuous improvement, and has become the main market demand of private placement in implementing subject; the proportion gradually increased, emerging industries, small and medium sized listing Corporation placement number began to exceed the motherboard market and become the main supply market given by the party from 2014; in the discount rate, the average discount 2013-2015 orientation of China A stock market issuance rate was 31%, the average discount rate of 20.3% was significantly higher than that in 2006-2012 years, in terms of subdivision the use of funds, different industries, different, different period and different issue object placement and its discount rate is also very different, but in general Body composition of earnings, issued at a discount on the final income contribution to stability is very high and less volatile, locking the ups and downs of the stock amplitude in the discount rate of return based on raise or pull low profit rate; from the lifting of the ban period stock returns,2007-2015, directional add hair average revenue rate is very considerable, relative to the CSI 300 index, private placement has a significant positive excess returns, in the secondary market, increase the profitability of the product performance is significantly higher than other secondary market private equity products. Therefore, from the overall level, the investment value of the current private placement project is still very significant.As the research of private placement investment value, in the fourth chapter of this paper selected as the analysis case holding Santai, Santai holdings belongs to small and medium sized listing Corporation, increasing its fixed issue belongs to the project financing oriented 1 year major shareholders did not participate in the issuance, the company in October 27,2015 in the auction, on November 16th issued a notice given by the Shanghai composite index the issue of the day is 3434 points, made from the third chapter, can draw large probability range of the discount rate is 11%-30%, the additional market point is 3000-4000, achieved a positive return to the issuance of the final probability reached 68%, and the three Thai holding additional discount rate reached 38.7%, belonging to 10% ranks the highest classification, thus increasing its fixed discount brought investment value is clearly beyond the subject of other reference types. But in scheduled for release in half year after the increase in the implementation of the announcement, Santai holdings of shares but greatly fell 58.87%, compared to small and medium-sized board index oversold 43.62% and eventually fell below the issue price, to investors brought great book Fukui.So in this paper, from issuing before and after the issuance of the two perspectives on the investment value analysis, prior to the issuance of the implementation, this paper from the set increase the announcement effect of plan, raise investment project necessity and feasibility, financial fundamentals of are analyzed. In the announcement effect, Santai stock index and the small and medium-sized board holdings in the issuance plan announcement of the event period compared to the excess rate of return is significantly positive, indicating that the market is very optimistic about the private placement, which also form a high discount rate foreshadowed; in the analysis of equity investment projects, Santai holdings as intelligent express box industry leading enterprises, the express easy project is currently in an absolutely leading position in the industry, and the gross profit margin of up to 66%, and in the market once the successful layout can form the market barriers and local monopoly, around the courier easy deployment community finance and community O2O business also has a very high profit in the imagination; in the financial fundamentals, despite the recent losses in Santai holdings, but its financial ability is still in the overall health level, the construction of operating assets The analysis model also shows that the financial risk is limited and controllable. Therefore, general speaking, three Thai Holdings, the directional additional investment value is obvious, but due to the emerging field of courier business, at present on the market did not mature profit model for reference, investors also need to alert the equity investment projects future results realized not deterministic risk, market competition aggravate risk and the risk of fluctuations in the market.In additional implementation, this paper first analyzes the related events and may affect the stock price trend, then the operating results of an enterprise from the financial fundamentals of judgment, the results show that the overall financial fundamentals Santai good, causing its share price decline is mainly due to market fluctuations and the overall effect of two related events, according to the survey and research the influence of related events in its share price is mainly:(1) the high discount rate caused by stock withdrawal; (2) acquisition of YIFENGWEIYE synergy is not optimistic about the market; (3) the competition strong rise, compression of the courier easy business profit margins (; 4) acquisition failure, risk aversion mechanism based on the massive sell-off; (5) substantial holdings of the controlling shareholder. Based on the important factors which affect their stock price movements, we come back to increase before the investors to participate in Santai holding directional additional proposed the corresponding suggestions:(1) construction will increase investment combination, scattered single underlying risk; (2) and large shareholders signed performance of gambling on the agreement and avoid business risks; (3) and the major shareholders or third parties sign fallback provisions, transfer the risk of price fluctuation; (4) in the right position using short selling futures to hedge risk, locking additional income etc.. |
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