Research On Hubei Aviation Precision Machinery Technology Co.Ltd. Directional Sentinel Benefit Transfer

In 2006,the implementation of the regulations on Securities issuance of listed companies made the new financing method of directional additional offering(IPO)step onto the stage of Chinese capital market.Subsequently,the directional issuance in China's capital market has developed rapidly.In addition,the company can introduce strategic investors,integrate upstream and downstream resources,and promote the sustainable development of listed companies.However,because of the concentration of stock rights in Chinese companies,the phenomenon of "one share dominating" is more common.It is very difficult for minority shareholders to balance the behavior of large shareholders,and large shareholders can realize the transmission of benefits through various means.Based on the phenomenon that the number of listed companies and the amount of transactions are increasing,this paper probes into the advantages and disadvantages of additional directional offerings.Combing from 2005 to 2017,China's regulatory authorities issued the law and norms of targeted issuance.In the aspect of research status,this paper studies and analyzes the literature on the motivation,announcement effect and benefit transmission of directional placement,which lays a foundation for this study.On the basis of relevant theories,this paper studies the influence of asymmetric information theory and principal-agent theory on directional additional issuance,and studies the causes of the formation of interest transmission and the existing methods of interest transmission in the theory of interest transmission.It enriches the theoretical basis of this paper.In this paper,we take the case of China Aerospace Precision Machine to purchase seven companies such as Qingan Company and other companies in 2012 to China Aviation Industry,Mechanical and Electrical Company,Geke Mechanics,China Huarong,etc.,and explain in detail the relevant background,motivation and scheme of the targeted additional offering.Process,fixed increase before and after the stock ownership of major shareholders changes.Whether the value of injected assets is overestimated from the view of the appreciation of the assets injected by directional issuance From the large cash dividend that appears during the locking period after the directional additional issuance,to analyze whether the profit distribution of the CAAC refined machine is reasonable,This paper analyzes the path of interest transmission from the angle of whether the shareholder's reduction behavior is intentional cash based on the theory of information asymmetry after locking period.Finally,this paper puts forward some policy suggestions.In order to perfect the corporate governance structure,we need to introduce strategic investors and perfect the sole director system in order to improve the corporate governance structure from the perspective of corporate management.In order to perfect the corresponding policies and norms,the external CSRC needs to improve the threshold of additional directional issuance,improve the pricing mechanism of the additional targeted issuance,and strengthen the governance and supervision of asset evaluation.It is hoped that the governance structure of the listed company and the external regulatory mechanism will double protect the interests of the minority shareholders from malicious encroachment by the large shareholders when the listed company carries out targeted additional issuance.In 2001,it promoted the healthy growth of China's capital market.