The Research On Discount Factors Form The Private Placement Of The Listed Company In The NEEQ Market

As a listed company private placement in the NEEQ market is the most important means of financing,its in-depth study can provide help and advice for our government formulated relevant policies and the listed companies implemented the financing.Discount for placement in the field of research is the focus of the study.This article from the liquidity hypothesis,information asymmetry theory,agency theory and listed companies' characteristics,study the discount factors form the private placement in the NEEQ market,and make recommendations accordingly.In this paper,adopt 569 private placements in 2015 of the listed company using market-making transactions as a sample to study private placement discount reason at the NEEQ market.It is find that by multiple linear regression model and using eviews8.0 metering econometric software:First,the liquidity hypothesis is applicable the greater the additional shares of liquidity constraints,listed companies have given subscriber compensation will be more,that is,the higher the discount rate.Second,the theory of asymmetric information theory is effective in private placement of the NEEQ marke:the market makers based on their own advantages thorough grasp the issuing company's situation and prospects leads to higher bargaining power;the more the size of the private placement of listed companies the lower the discount rate with the cost of asymmetric information unchanged;the more complex and the larger of the size of the organization to listed company,the more the cost of the investigation required,resulting in higher discount rate.Third,the agency theory in the NEEQ market placement is useful,the greater the proportion of major shareholders to subscribe for,the stronger their motivation tunneling,the higher the discount rate private placement.Fourth,about the listed company's characteristics,the stronger long-term solvency,the lower the discount rate;the higher the discount rate,the stronger profitability;the higher net assets per share,the lower discount rate.Based on the above research and analysis,this paper presents:First,it should be accelerated to improve the ownership structure of the listed company on the NEEQ Market to avoid large shareholders take control of the transfer of benefits.Secondly,the Government should reduce the time between pricing and listing announcement date reference interval,weakening the major shareholder of the stock price manipulation.Third,we should strengthen information disclosure,to mitigate the impact of asymmetric information.Fourth,the Government should be bound the subscription ratio of major shareholders,to curb major shareholders acts of tunneling.