Research On Institutional Investors Participating In The Private Placement Of Listed Companies

Since 2006,with the China equity securities market reform achievements,to market financing function,the same year in May 9th,the Commission issued "the issuance of securities of listed companies management approach" the introduction of private placement of listed companies to broaden the financing channels,to purchase assets,has strategic significance and function of merger,the introduction of strategic investors and asset restructuring.At present,the provisions of laws and regulations,the Commission of China related to the meaning of the private placement have clearly defined,is simply a listed company on the specific non-public offering of shares to raise funds behavior.The placement of the operation is the provisions of the non-public offering of CF,but in practice,they still have some differences,the non-public offering is issued to 10 or less,generally for institutional investors,the purpose of financing is relatively strong,and directed to specific institutions,generally for strategic investors most of the reorganization.Based on this,in order to study the private placement of Listed Companies in China from the current situation,the extensive sampling of A shares of Listed Companies in the case of private placement and analyzing all kinds of research and historical data,from the perspective of institutional investors,institutional investors to participate in a comprehensive study of directional issuance of listed companies.This paper consists of seven main parts:the first part introduces the present situation of private placement of Listed Companies in China,analysis of China’s Listed Companies in the private placement definition and conditions,and the subscription pricing mechanism,classification,and other means of financing the comparison from the perspective of theory,clear the outbreak and policy support,the private placement of a a close relationship;the second part is the analysis of institutional investors to participate in the private placement of listed companies from the perspective of institutional investors,including the acquisition of private placement and participation in income excess returns,increase institutional investors market influence,long-term investors in the relatively cheap cost of stock,on the basis of comprehensive discount rate,market the volatility of growth stocks(beta)and income(alpha)factors of institutional investors participating in the private placement of listed companies received Benefit comparison;the third part is the analysis of institutional investors to participate in the private placement of Listed Companies in the form of the source of funds and stock selection strategy,from practice to fully understand the institutional investors to participate in the private placement of listed companies;the fourth part is the analysis of multiple effects through three typical case analysis of different institutional investors to participate in the private placement of listed companies.The value of investment,the trend of rapid growth,the investment portfolio risk diversification,but also to weigh in time,but the prudent use of leverage;the fifth part is the analysis of institutional investors to participate in the private placement of listed companies encountered problems,including investment problems,and problems and tax issues encountered after the investment management stage and institutional investors to participate in the private placement of listed companies also face various regulators Policy change;the sixth part is from the investment orientation,rational use of funds measures,scientific investment method,investment in innovation,investment management,investment holdings of the six directions of institutional investors to participate in the private placement of listed companies and puts forward the advice to the difference,more precise and rich investment strategy to carry out the private placement market investment business based on;the seventh part is the conclusion,to encourage institutional investors to participate in the private placement of listed companies,listed companies to broaden the financing channels,to give full play to the value of re financing,intangible capital and the real economy through orderly docking,promote institutional investors and listed companies to grow together,to promote the healthy development of refinancing market.Through our research that at this stage of the private placement of listed company’s investment is suitable for institutional investors investing in key private placement of listed companies to gain access to institutional investors is discounted,market timing and stock picking.