A Study On The Benefit Conveying Of Asset-acquired Private Placement

This article analyzes the interests of Chengtun Mining to the major shareholders from the aspects of the directional increase of the factors,the means of asset delivery and the transfer of benefits.Transport process and specific practices,to study the effect of short-term notice of interest delivery and the impact on the financial situation of enterprises.Through the study results found that Chengtun Mining in the process of private placement there is indeed the interests of the delivery behavior,Chengtun Mining low-priced shares issued by the major shareholders,the majority of shareholders to absorb the value of inflated assets,and targeted additional object Liu Quanshu in the restricted period After the rapid cash to obtain benefits.According to the market reaction,the issuance of listed days showed a negative notice effect,the value of overvalued assets into the Chengtun mining after the financial situation has brought adverse effects.It is concluded that:(1)there is the possibility of interest transmission in the asset acquisition type,and the asset delivery type is not limited to the infusion of bad assets or infused value,but may be used simultaneously Kind of means of transport,the listed companies to carry out multiple hollowing out.(2)The effect of short-term announcement on the issuance of short-term announcement on the issuance date is also affected by the impact of the value of inflated assets,which affects the financial status and operating performance of the enterprise,impairing the enterprise value,Damage the interests of small and medium shareholders.According to the analysis of the means of interest transmission,this article finds out the imperfectness of the relevant laws and regulations and the imperfectity of the supervision system,and puts forward the following suggestions:(1)perfect the pricing mechanism.In order to prevent listed companies from low-priced issuance of shares in the major shareholders,it is best to determine the pricing base date for the shareholders of the General Assembly resolutions or the first day of the issue date,should also be combined with all the current capital markets may suppress the pricing benchmark 20 trading days before the stock price means,To develop corresponding penalties.(2)to strengthen the assessment of the quality of injected assets.In view of the independence of asset appraisal agencies is not strong,asset evaluation laws and regulations,industry assessment,assessment principles are not perfect.Laws and regulations should establish a punishment system,to make unreasonable value assessment of the institutions severely punished.Industry assessment should establish a grade standard,the asset appraisal agencies will be classified after the public to understand the quality of asset assessment,reduce the value of the possibility of inflated assets.The assessment principle should be more specific,so that the asset evaluation no longer exists too much selectivity.(3)to enhance the disclosure of the relationship between the issuance of private placement.The relationship between the listed companies in the issuance of private placement should be disclosed in detail for investors' reference.(4)to strengthen the supervision of small and medium shareholders.Listed companies in the decision-making related to private placement should be invited to participate in the vote,even if not present,but also through the network communication to facilitate their own way to communicate their willingness to convey.