| In May 2006,the China Securities Regulatory Commission issued the "Measures for the Management of Issuance of Securities by Listed Companies." Since then,the method of refinancing such additional shares was widely adopted by listed companies in China.After more than a decade of development,the private placement began to develop into The most important equity refinancing model for listed companies.Directed issuance as a new type of financing means,on the one hand can promote listed companies to achieve the injection of quality assets,the overall listing,the introduction of strategic investors,etc.,on the other hand is also conducive to the full development of China's capital market.However,the large shareholder interest transfer behaviors that have emerged in the process of targeted issuance are not negligible.Although the China Securities Regulatory Commission has also made continuous adjustments in its supervision system,it is not perfect and sound in comparison with other relatively stable and mature financing models,especially those in the current period,and it needs to constantly improve its supervision.Level,private placement can be said to have both advantages and disadvantages.Listed companies use the risk of private placement to increase the interest of stakeholders,and the transfer of benefits to large shareholders is worth our attention.However,scholars and practitioners in related fields have focused their research on directional private placement mainly on the causes of targeted issuance,discounted issuance,injection of inferior assets,announcement effects,and financial impact,and there has been little analysis and research on the level of targeted renewal risk.There is also little case study analysis on the issue of targeted launch risk and benefit transfer issues.Therefore,on the basis of collating and summarizing the existing research results on refinancing risks and interest transfer behaviors in targeted private placements,this paper selects stakeholders as the entry point for research and studies the ordinal case of Industrial Bank in 2017.Analyze its risk of directional increase and issuance of benefits and the transmission of benefits.This research has obtained the following conclusions:On the one hand,the comparative analysis of the system has comprehensively analyzed the different risks of private placement,including large shareholders,small and medium shareholders,enterprise management,new investors,and intermediaries;What are the ways of interest transfer and how to achieve this problem?The main ways to identify the transmission of Industrial Bank interests include timing,discounted issuance,earnings management before additional issuance,and high dividends after issuance etc.Finally,based on the status quo of the private placement of listed companies in China,this paper proposes suggestions on existing problems,such as improving the external and internal governance paths,and improving the professional capabilities of investors.From the perspective of stakeholders,this paper uses case studies and literature review methods to comprehensively study and analyze the risks of private placement of different interest subjects.This study has very significant practical and theoretical implications.The study of this article not only achieves the expansion of the research perspective,but also the perfection of the theory of targeted additional issuing,and the development has realistic implications.In practical terms,from the actual case,we will study in depth the risks faced by different stakeholders in the directional issuance process and related interest transfer situations.All stakeholders,including regulatory agencies,listed companies,and small and medium investors,are involved.It has greater significance.This will help stakeholders to focus on their own participation risks,appeal to investors rationally,and also help standardize the capital market and better monitor the issue of interest transfer in the private placement of listed companies. |
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