Research Of Tunnrling In Asset Injection From Private Placement

Equity division reform since 2006,consider the issue of threshold low,simple process and low cost advantages begin to get the favour of the listed company and become the capital market is one of the most important way of equity refinancing.Through private placement,the listed company can introduce high quality assets,integration of resources,complete the company's overall listing,introduction of strategic investors,improve business performance and other purposes.Big shareholders to inject assets of listed companies through private placement is a relatively common form of directional issue currently.For listed companies,excelent asset injection is beneficial to integration of resources,improve the industrial chain,reduce horizontal competition and related party transactions,so as to promote growth,help the listed company to do strongly does.However,due to the special institutional background in China,listed companies are widespread phenomenon of "a dominant",combined with the big shareholders and the information asymmetry of small and medium-sized investors,the purchase and in the process of assets in the chain of large shareholders to grab,serious damage to the interests of small and medium-sized investors.In this paper,based on agency theory and asymmetric information theory,on the basis of summarizing the research results at home and abroad for reference,through the case study of Crown of Guangxi electric power co.,LTD(600236),are analyzed systematically in the process of directional issuance ways and means of controlling shareholders interests by transportation behavior.In this paper,the study found that is dominated by the major shareholders of private placement in theory and practice are the indemnification of the phenomenon.In this paper,the case company crown power this private placement is also big shareholder China Datang Corportion,grab the interests by typical case.Big shareholder China Datang Corportion to inject high quality assets,the timing and distribution of directional issuance price manipulation,and then immediately after the purchase high sent now,these are big shareholders under the manipulation of conveyor chain.In addition,this paper also through the event study analysis the directional issuance plan announcement,announcement effect,through empirical survey concluded that crown power are definitely consider short-term positive announcement effect,but in the long term crown power's share price is in the trend of decline gradually,that secondary market investors after calm thinking,determine the "conspiracy" crown sends electricity benefit,therefore the purchase does not look good.From previous studies of directional issuance,mostly adopt the way of pure empirical analysis and study only focused on the purchase of a particular aspect,such as discount,short-term announcement effect,long-term wealth effect,etc.,and takes the form of case study,this paper can throughout the purchase of a global,more comprehensive understanding of the interests of the private placement system mode.The end of this article in view of the current our country the status quo of private placement,and puts forward some policy Suggestions,to improve the system of consider buying assets such as regulators provide theoretical basis and has positive significance to improve the investor protection work.