Analysis Of The Financing Effect Of The New Board Of Enterprise Private Placement In The Case Of Lierda Technology Group

Small and medium-sized enterprises have become an important carrier of public entrepreneurship and innovation in China.They can play an important role in promoting economic transformation,increasing employment and technological innovation.The development of small and medium-sized enterprises needs sufficient funds.But because of some of the factors of small and medium-sized enterprises,such as short establishment time,low management level and large business risk,it is difficult for them to get financial support in the traditional way of capital and credit.In addition,because of the high threshold and high cost of the gem and the small and medium market market,many small and medium-sized enterprises are unable to obtain funds through the two level market.Thus,financing difficulties have been a major problem in the development process of small and medium-sized enterprises.At present,the Orienteering has become the main way for the refinancing of the new three board enterprises.However,under the constraints of the type of financing,the scale of financing and the operating conditions of the enterprises,there is no unified conclusion on the financing effect of the orienteering.In this paper,literature research,case study,event study and comparative analysis are used to review domestic and foreign scholars' research on new third board private placement.And from two aspects of short-term market effect and long-term financial effect,this paper summarizes the financing effect of the new three board enterprises.We have mastered the related theories about the directional addition and analyzed them.Then to ke'erda Technology Group as an example,from the angle of short-term announcement effect and long-term performance effect made a specific analysis on the financing effect of private placement,in order to verify whether this private placement financing has played a certain role in optimizing the allocation of resources and promote enterprise development The results show that investors in the market three new board private placement financing identity caused the fluctuation of stock price of private placement announcement before,resulting in the excess rate of return,that has additional positive announcement effect of enterprises listed onthe new board market orientation.At the same time,the announcement effect of private placement is rapidly digested,and excludes the influence of market fluctuation and rights issue.In addition,the change of general financial performance indicators and comprehensive financial performance indicators before and after private placement of new three board market indicates that private placement will reduce business performance in a short run,though it has improved in the long run,but it has not improved the performance of enterprises.The analysis of the value of the enterprise shows that the directional increase in financing will reduce the value of the enterprise.Through the case study of this paper,it provides new inspiration for the financing decision of the new three board enterprises in China and the investors' participation in the refinancing.For example,we should improve the information disclosure system,avoid information leakage and legitimately use of raised funds.