Private Placement Of Objects Of Nari Performance

In recent years,China's capital market has developed rapidly,and the scale of refinancing of listed companies has also expanded.With the promulgation of the measures for the management of securities issuance of listed companies,the legal status of the directional additional issuance has been established.At present,the proportion of private placement refinancing in China's securities market has exceeded 95%,and private placement has become one of the most important ways for enterprises to carry out equity refinancing.Through the directional addition,it will help the enterprises to improve the ownership structure and the efficiency of resource allocation.It can also expand the scale of the company,improve the comprehensive strength of the company,and realize the synergy of the interests of the large shareholders and the small shareholders.However,due to the unsound laws and regulations of China's orienteering,and there is a common phenomenon in the capital market,the large shareholders have a natural profit advantage over other investors,so the impact on the performance of the enterprise is different when the target is not at the same time.It will help the listed companies to choose more suitable financing ways and make more targeted investment and financing decisions by clarifying the impact of directional increase on corporate performance,so as to consolidate and enhance the value of the company.In this paper,we choose the leading enterprise of the electrical equipment industry,Nari as a case,to study the private placement behavior of different objects in 2010 and 2014,and analyze the specific addition process.Through the event study method and the financial index analysis method,the effect of directional issuance on the market performance and financial performance of the enterprises is studied respectively.In terms of market performance,the stock price rises for the institutional investors after theprivate placement,and the cumulative excess return is positive,which has a positive market reaction.On the other hand,the stock price is down after the orientation of the big shareholders,and the price of the stock price drops sharply,which indicates that the external investors are skeptical about this orientation,and the market reaction is negative.The financial performance of the enterprise is analyzed.The directional addition to the institutional investors has an obvious improvement on the profitability,development ability and asset structure of the enterprise.The directional increase to the large shareholders will help to improve the management ability and capacity of the cash flow of the enterprise,but it is not strong to the profit.In terms of non-financial performance,especially in solving business competition and related transactions,it has great advantages.