Analysis Of The Tunneling Of LongPing High-Tech Company In The Process Of The Directional Additional

After the split share structure reform,the directional issuance is gaining popularity in the capital market because of its simple audit procedures,low information disclosure requirements and low issuance cost,and has become the mainstream way of equity refinancing in China.At present,directional issue is still favored by listed companies in the way of equity refinancing,is one of the important means of financing enterprises.Directional additional placement can not only widen the financing channels of enterprises,but also play an active role in improving the current situation of business management.With the development of capital market,the manipulation behavior of large shareholder of listed companies has been paid more and more attention by scholars,especially the manipulation of capital injection,manipulation of profits and manipulation of additional prices.The large shareholder of the listed company uses its control advantage to grasp more information,thus the infringement of other shareholder's rights and interests,and its concealment also gives the investor and the supervisory department recognition to cause certain obstruction.Therefore,how to identify the quality of injected assets,the manipulation of profits by large shareholders and the manipulation of stock price behavior,so as to determine whether there is a large shareholder manipulation,has become the securities market regulators and investors generally concerned about the issue.Why did China's directional issuance market evolve in to a tool for the tunneling by major shareholders? Does the major shareholder have a motivation for the tunneling before the directional issuance? What are actions for the tunneling in the process of the directional issuance? Why these actions can help large shareholders achieve the purpose of the tunneling? This thesis carries out theoretical analysis and case study on the above four problems.The first chapter of this thesis mainly describes the research background and significance of this thesis,the related literature review,research ideas and methods.The second chapter is an overview of the theories behind the tunneling from the directional issuance of listed companies in our country,respectively to the concept and type of directional issuance,the reasons for the tunneling behind listed companies,the main means for the tunneling behind listed companies and theoretical explanations.The third chapter introduces the cases of LongPing High-Tech Company tunneling in the process of the directional issuance.First of all,the general situation of LongPing High-Tech company is introduced,and then the course and characteristics of the company are ana-lyzed.The fourth chapter analyzes the case of tunneling in Longping Hi-Tech directional issuance,and unfolds the reasons for the tunneling behind LongPing High-Tech directional issuance,the way of tunneling behind the directional issuance of LongPing and the analysis of the result of the tunneling behind the directional issuance of LongPing High-Tech.Finally,Chapter Five of this thesis draws the conclusion and the enlightenment to LongPing High-Tech Company tunneling in the process of the directional issuance.This thesis explains the conclusions of LongPing High-Tech company tunneling in the process of the directional issuance from the following three aspects: First,the directional issuance of LongPing High-Tech company tunnels to the related parties;Second,the directional issuance of LongPing High-Tech company has damaged the rights and profits of small and medium shareholders;Third,the directional issuance of LongPing High-Tech company makes the forecast of corporate profits worrying.This article proposes to solve the problem of tunneling in the process of the directional issuance in the following four aspects: First,lock up the issue price of the directional issuance.Second,evaluate the value of equity accurately.Third,strengthen the supervision of connected transactions of listed companies.Fourth,improve the protection mechanism for minority shareholders.The research conclusion and the corresponding countermeasures for the recognition of large shareholder's manipulation behavior in the course of LongPing High-Tech directional issuance are beneficial to the small and medium shareholders to accurately identify the manipulation behavior of large shareholder of listed companies and to improve the internal governance structure of listed companies.In addition,it is of great significance for the securities regulatory department to strengthen the regulation of the transfer of interest and to promote the long-term sustainable development of the capital market.