An Empirical Study On The Impact Of The Major Shareholder Of The Private Placement And Issuance Discount

Since the reform of the share-trading reform,the private placement has become one of the most important ways to improve the equity refinancing of the listed companies in China because of the low financing threshold,the low issuance cost and the simplicity of the issuance process,which is increasingly favored by the listed companies and institutional investors.The In recent years,the emergence of private placement financing model,the overall play a positive role in the long-term development of capital markets is of great significance.However,because the private placement involves the redistribution of the interests of the old and new shareholders,and our current investors to protect the environment is poor,the stock is relatively concentrated,the main shareholder of the existence of the use of targeted issuance of opportunistic motives.So this requires us to carry out detailed and in-depth study.In the whole process of private placement,the core is the discount rate,in view of this,this paper mainly to study the major shareholders to participate in the additional issuance of the impact of additional discounts.Based on the theory of interest transmission hypothesis,liquidity compensation hypothesis,information asymmetry theory and principal-agent theory as the theoretical basis,the author puts forward the hypothesis to whether the major shareholder participates,the proportion of major shareholders subscribed,the degree of equity concentration,the way of major shareholder subscription and benchmark Day and date of publication as the explanatory variables,respectively,to study the impact of these variables on the value of private placement.In this paper,we selected a total of 876 companies in the Shanghai and Shenzhen A shares which were successfully implemented in the Shanghai and Shenzhen A shares during the period from January 2016 to March 2017.Among them,249 of the major shareholders participated in the analysis,and the variables were analyzed by descriptive statistics.(1)If the major shareholder participates in the subscription of new shares,the discount rate of private placement is high;(2)The regression analysis is based on the analysis of the relationship between the variable and the fixed variable.(3)The higher the shareholding proportion of the major shareholders before theissuance,the higher the concentration of the shares,the higher the discount rate of the private placement;(4)The higher the discount rate of the major shareholders,(5)In the private placement,the longer the number of days between the pricing base date and the date of issuance,the higher the discount rate of private placement.The higher the discount rate is,the higher the discount rate is.At the end of the empirical analysis,robustness tests were conducted to further consolidate the conclusions of this paper.At the end of this paper,the author puts forward some relevant policy suggestions based on the empirical conclusions: standardize the ownership structure of listed companies,improve the legal mechanism of private placement,strengthen the information disclosure,and strengthen the supervision.