Research On The Pricing Of Private Placement Of Listed Companies In China

With the continuous growth of China’s domestic economy,the rapid development of capital market,the continuous improvement of the regulatory system,the demand for refinancing of listed companies has increased,and the financing preference has changed from placement to private placement.Since 2011,private placement more than IPO,placement and other ways to become A-share market listed companies the main channel for equity financing.Compared with the public issuance,private placement can be achieved reorganization,acquisition and other special purposes,with flexibility,lower cost and other characteristics.The scale of the past three years will be set to grow by leaps and bounds in 2014 than in 2013 doubled the size of the first 10 months of 2015,the scale has been more than the sum of the size of 2014,will increase the number of stocks to 525.The core issue of the private placement of listed companies is the issue price,the issue price is reasonable,not only related to the interests of new shareholders and old shareholders,but also directly affect the private placement is successful.The rationality of the issue price,usually through the discount rate to reflect the same time to determine the base date of pricing,the issue of different objects,the length of time and so many factors will have an impact on the discount rate.This paper describes the theory of pricing of the private placement,the concept of private placement,status,system of rules,pricing problems and cause analysis elaborated,and then through the implementation of the private placement time nearer two case comparative analysis of the pricing of private placement problems:different influence the choice of objects and release pricing benchmark date on the issue price,the final conclusions and recommendations herein.Based on case study,this paper puts forward five suggestions:First,cancel the option price of listed companies on the pricing date,the first day of the issue date for the pricing basis;Second,limit the rate of additional placement,set the discount rate range indicators;Third,to limit the number of new shares to be associated with shareholders,to avoid the interests of the associated shareholders to seize the interests of small and medium shareholders;Fourth,the appropriate release of the number of objects subject to restrictions,to reduce the rate of manipulation of the associated shareholders;Period,reduce stock risk,thereby reducing the discount rate.