Private Placement With Equity Incentive Of Kangyuan Medical,Interest Transmission Or Interest Collaboration?

Since the reform of non-tradable shares,private placement has gradually become one of the important ways to refinance the equity of listed companies in China's capital market.Private placement due to its low price,the program is simple,flexible pricing,the amount of freefunds raised by the advantages of listed companies favor.However,in the direction of the issuance of aura behind there is still criticized the lack of.In the context of China's special system,private placement is sometimes controlled by the controlling shareholder.In order to carry out the benefits delivery,the interests of small and medium shareholders are encroached upon by the collusion of management and listed companies.Since 2013,listed companies have tried to combine the private placement and equity incentive,but in China's listed companies are relatively concentrated equity,securities regulations to be improved and the level of regulation to be improved,these companies will increase the type of equity incentive Whether it is the means to realize the benefit transmission,and how to reflect it,whether the so-called incentive incentive plan will play the incentive effect.All of these problems are the content of this paper.Kang Yuan Medicine as an early attempt to equity incentive-type set by the enterprise,since the issuance of private placement plan since the release price or program design has aroused widespread discussion and controversy in the community.In this paper,the background of the failure of the initial equity incentive is analyzed,and the data and data of the equity incentive before and after the experiment are analyzed.The case study,quantitative analysis and qualitative analysis as well as comparative analysis and trend analysis are used.Its research to explore whether the private placement is reasonable,whether there is the interests of delivery and whether to achieve synergies.Finally,according to the results of the study,the paper put forward reasonable suggestions and improvement measures.