Research On Long-term Shareholder Wealth Effect Of Private Placement

In 2006, the Commission promulgated the "Measures for the Administration issued securities of listed companies", of the private placement (private placement) issue terms, conditions were clearly defined, with a private placement of new faces enter China's capital market in recent years, with the release conditions relaxed, high release efficiency and low cost, placement widely used in China's a-share market, private placement by the end of 2015, China's a-share market has been successfully implemented in a total of 2,463 cases, a total issuance of new shares 5,545.15 million shares, a total of raising the amount of 40,561.93 billion private placement market has become China's a-share listed company's main equity financing tool.In recent years, with the rapid development of China's securities market and the deepening financial innovation, private placement has changed from the original single financing instrument for the capital operation tool with multiple functions, a large number of shell resources to achieve the reorganization of listed companies through private placement, the introduction of strategic investors, capital operation, the Group's overall listing, etc., to improve the situation of the listed companies, enhance the value of enterprises have played a very big role. At the same time, domestic scholars have gradually started to pay attention and emphasis on research placement system, but the research focused on the pricing of the private placement of new shares, short-term announcement effect transfer of benefits and terms for long-term shareholder wealth effect of private placement of listed companies research more scarce, and related research is mainly confined to theory and case studies, the use of market research data on the placement of shareholder wealth effect is very small. Currently, completed the split share reform of A-share market has entered the circulation time, how the implementation of the private placement of long-term shareholders of listed companies the impact of the wealth effect, how to realize the value of listed companies through private placement, to maximize the interests of shareholders and investors and other issues has been more and more attention to research scholars.In order to reveal the long-term shareholder wealth effect of China's A-share private placement market from the perspective of theory and practice, we use the theory and practical methods of combining research scholars at home and abroad on the basis of the theory to actual market data as a guide, from the market angle study long-term shareholder wealth effect of China's listed companies private placement. This paper selects the period from 1 January 2009 to 28 February 2013 private placement of 463 cases as samples, using empirical methods of descriptive statistics, regression and other events, and research on long-term shareholder wealth effect of the private placement were studied. The study found:(1) China's A-share market listed companies private placement have a positive long-term shareholder wealth effect; private placement of long-term shareholder wealth effects (2) issued to all major shareholders and related parties> Mixed private placement issuance of long-term shareholder wealth effect> private placement of long-term shareholder wealth effects of all the non-major shareholders and related parties found; (3) private placement of long-term shareholder wealth effects of non-cash assets by retail of> private placement of long-term shareholder wealth effect in cash subscription; (4) private placement of long-term shareholder wealth effect of private placement to large shareholders and related parties subscribed non-cash assets of long-term shareholder wealth effect> large shareholders and related parties subscribed for in cash; (5) major shareholders to subscribe for new shares, the higher the proportion of private placement, long-term shareholder wealth effect more obvious.This article altogether is divided into six chapters, the first chapter, describes the research background, research purpose and significance, content and framework, as well as research methods and innovation of this paper; the second chapter is a review study abroad, summarized the domestic and foreign scholars on the private placement of new shares pricing mechanism, declaring effect, transfer of benefits and long-term shareholder wealth effects; third chapter of a-share listed companies private placement situation analysis, the first section describes the evolution of policy and a private placement other equity refinancing tool, and the second section from the issue size, issue category, distribution objects, the subscription mode, the purpose of issuance of five angles summarized the status quo of private placement; the fourth chapter of the private placement and the theoretical analysis of the effect of long-term shareholder wealth assumptions, including asymmetric information theory, the theory of defense management and regulatory theory, and then made herein with respect to a private placement of long-term shareholder wealth effects of four assumptions; fifth chapter placement empirical study of long-term shareholder wealth effects from the perspective of empirical test This article about the placement of long-term shareholder wealth effects of four assumptions; Chapter VI of research findings and policy recommendations, research findings include theoretical research conclusions and policy conclusions, subsequently proposed private placement of listed companies from a wide range of policy recommendations.