Research About The Ways Of Private Placement And Tunneling Of Major Stockholder

From the relationship between the capital market and the real economy and the development process,the current capital market in China is in the process of transition from debt financing to equity financing.The state will push forward the reform of the supply side,the debt-to-equity swap,the inventory,the production capacity and the leverage will make the trend of the higher proportion of the debt financing,and the proportion of the future direct financing will gradually increase.Direct financing market In addition to IPO,for the already listed enterprises,private placement is undoubtedly an important channel for enterprises in the development of refinancing.According to Wind data,2016 Shanghai and Shenzhen more than 500 listed companies to implement a total of 758 private placement,fund-raising total 1.69 trillion yuan,following the first time in 2015 exceeded the trillion mark,the increase in the market is still hot.2016 private placement fund-raising far more than the total IPO,IPO market is more than 10 times more than the year Private placement is so favored by the market,on the one hand because compared to the public offering and allotment,the existing laws and regulations of its issuer qualification and profit level requirements are relatively low;the other hand,private placement as a way of mergers and acquisitions,both Help the company to the overall market and can be "shell resources" reorganization,to avoid delisting.Although the role of private placement in the development of financing,improve the role of resource separation is worthy of recognition,but because of our relatively concentrated equity,the company's agency issues gradually by the shareholders and management conflicts of interest into the controlling shareholder and minority shareholders of the conflict of interest.The process of private placement will lead to changes in the ownership structure of listed companies,stock prices,profitability and other indicators,and ultimately will cause the interests of the old and new shareholders in the redistribution.Because China's small and medium-sized shareholders on the investment protection laws and regulations are not perfect,coupled with the information asymmetric small and medium shareholders are often in a disadvantageous position.These reasons make the big shareholders through the interests of the transfer of behavior of small and medium-sized shareholders of the event endless.Therefore,in such a case,the analysis of the process of private placement of large shareholders of the interests of the transfer and the realization of the old way has a very important impact.Domestic and foreign scholars for the directional issuance of the interests of the delivery has formed a more systematic theory,which gives me the direction of the increase in the interests of the delivery behavior provides a wealth of theoretical reference,I am in the study of private placement in the interests of the issue,China's national conditions,will affect the factors of private placement into the research system,to better reveal China's private placement in the interests of the delivery behavior.On the basis of the research results of "private placement" and "interest transmission" both at home and abroad,this paper will combine the specific case study to solve the problem of interest delivery.In the theoretical part of this paper,we will combine the motivations of the issuers of private listed companies in China,and discuss the benefits of the issuance of the proceeds of the private placement process,the issuance of discounts,the increase in earnings management,the inflow of inferior assets,the related transactions The realization of the interests of large shareholders to achieve the way.In this paper,we will analyze the process of issuing price in the process of directional issuance of Datong Gas,and set up the post-earnings management and the high cash dividend after private placement to discuss the benefits of the transfer Implementation and analysis of the behavior of large shareholders to implement the behavior of the tunnel motive.In addition,this article also compares the operation before and after the issuance of private placement,indicating that the direction of the issuance of interest transmission behavior will not only damage the interests of small shareholders will make the business situation is damaged.