Study On The Benefit Transfer And Alignment Of Interests In The Process Of Fangda Private Placement

Directional additional issuance is a refinancing method,which stipulates that listed companies can issue shares in a non-public manner and issue new shares at a discount to a specific target.This financing method has a high degree of marketization.Market economy countries also known as "lightning placing",or private equity.Although China's listed companies only began to issue additional directional offerings in 2006,in recent years,more and more listed companies in our country have preferred to choose additional directional offerings to meet the financing needs,and the speed of development is not only reflected in the number of companies engaged in additional directional offerings.Also reflected in the scale of financing is constantly increasing.The related reasons are as follows: on the one hand,Under the background of relevant system,after the reform of split share structure in 2006,the relevant policies stipulate that listed companies can refinance by means of additional issuance,and encourage listed companies to refinance by offering additional shares.It is beneficial to the orderly and stable development of the capital market to let the listed companies have one more refinancing mode to promote the development of the listed companies in our country.On the other hand,compared with other ways of refinancing,private placement has its own advantages.First of all,the requirements for the listed companies are lower,no matter whether they are profitable or not,the listed companies can make additional directional offerings,and for the loss-making companies,After directional additional issuance,you can Raising funds quickly to avoid the risk of delisting;secondly,because of the relatively low conditions for additional directional offerings,more and more companies are able to carry out additional directional offerings,and the issuance procedures are relatively simple,and the successful issuance cycle is relatively short.Therefore,it can not only save the issuing cost of the enterprise,but also raise funds to invest in the project quickly,bringing benefits to the enterprise.Finally,in order to realize the overall listing,the listed company can allocate the resources effectively and expand the scale of the company.To improve the profitability of the company,priority will be given to private placement.When the company introduces strategic investors through directional placement,the listed company can also take advantage of the investors with it.Scarce resources and their professional guidance.Therefore,through the directional issuance,not only the large shareholders,small and medium shareholders and investors can achieve multi-win,but also can promote the stable and orderly development of the capital market.However,in the process of directional additional issuance,there will still be the problem of the transmission of benefits,because the equity structure of the listed company is relatively centralized,the control of the large shareholders over the company is strong,and the small and medium-sized shareholders cannot control the company's management decisions.That is,they can not participate in the company's management decision substantially,and the minority shareholders are inferior to the large shareholders in obtaining information,which results in the damage of the rights and interests of the minority shareholders.In this paper,we have selected Fangda company.Based on the research of scholars at home and abroad,and combining the relevant theoretical basis with practical cases,not only quantitative analysis of the relevant data,but also qualitative analysis is carried out.This paper discusses not only the benefit synergy effect but also the problem of benefit transmission,and further analyzes the relevant ways and puts forward some pertinent suggestions.This paper first defines the related concepts of directional additional issuance,collates the domestic and foreign research literature,and explains the relevant theories,which lays the theoretical foundation for the following articles.Secondly,it introduces the specific situation of Fangda company.And combing the two additional directional offerings;then from the market reaction and the company before and after the increase in the situation before and after the analysis of the changes,the two times of Fangda company in the process of distribution of interests in the process of transport and benefit synergy,The ways of benefit transmission and benefit coordination are further analyzed,and the optimization suggestions are put forward in view of the existing problems.The main conclusions of this paper are as follows: through related studies,it is revealed that directional placement not only brings benefit synergy effect,but also produces benefit transmission problem.Therefore,on the one hand,the company should actively promote the benefit synergy of the company through the directional additional offering,so as to make various profits;on the other hand,it should improve the laws and regulations,strengthen the protection of minority shareholders and external supervision.Improve corporate governance to solve the problems related to the transport of interests.