Research On The Identification And Regulation Of Big Shareholders' Manipulate Behavior In The Private Placement Of Equity

Private Placement of Equity is a highly favored way of equity refinancing in the listed companies,and is one of the most important means of financing.It can not only broaden the enterprises' financing channels,but also played a positive role to improve the present situation of enterprises' management.Pace with the development of capital market,the manipulate behavior in the Private Placement of Equity of big shareholders in listed companies gradually receiving the attention of the scholars,especially that the major shareholders inject assets,manipulate profit and raise the price of the stock.Major shareholders of the listed companies take advantage of its control power to master more information,and constitute the infringement to other shareholders,the hidden also cause certain obstacles to investors and regulators to identify.Therefore,how to identify the injected assets' quality,major shareholders' profit manipulation behaviors,and manipulation of stock price,so as to determine whether there is a manipulation has become a widespread problem to regulators and investors in the securities markets.Firstly,this thesis elaborate the concept and theoretical basis of Private Placement of Equity,including the concept definition of major shareholders' different manipulations.Then,have an empirical research from three aspects,including the analysis and recognition of the assets' quality which major shareholders injected,profit and price manipulations,puts forward three identification indexes of big shareholders manipulation including the expected rate of return premium after the injection of assets,the accrued profit can be manipulated,and the cumulative average excess yields,and use different recognition methods to determine whether the sample have a major shareholders' manipulation.Finally,according to the different major shareholders' manipulation,corresponding regulation measures are put forward.The research conclusions and regulatory measures for manipulation of shareholders of listed companies do good to small and medium-sized shareholders to identify major shareholders of listed companies manipulate behaviors accurately,to improve the internal governance structure of listed companies.In addition,it has positive significance for the relevant securities regulatory authorities to strengthen the regulation in the private placement of equity and the indemnification and for long-term sustainable development of capitalmarkets.