The Analysis Of The Causes And Economic Consequences Of The Introduction Of External Investors By Private Placement

In China's capital market,listed companies can refinance in a variety of ways,including public offering,rights offering,private placement and other forms.Private placement in foreign capital markets has become very popular,but it is not until the completion of the reform of the equity division that the way of refinancing is gradually becoming popular.China's securities market has also been further developed and perfected,thus laying an important foundation for the development of the private equity refinancing mode.After the split share structure reform,private placement has been favored by the capital market.Because of its low cost,simple operation procedures and low access conditions,it has become the main mode of equity refinancing for listed companies.The way of refinancing by private placement is favored by listed companies.What are the specific motives for the introduction of external investors to the listed companies?What are the economic consequences of introducing external investors?Does it play a positive role in promoting the development of the company or negative inhibition?Based on this background,this paper intends to take the form of the case analysis of Haier in Qingdao,Limited by Share Ltd to the U.S.subsidiary of KKR group(KKR Luxemburg)non-public offering of shares of the company as an example,to explore Qingdao Haier the introduction of private placement with outside investors motivation and economic consequences,in order to provide certain reference and reference for China's listed companies to implement the behavior of private placement.This paper describes the analysis of outside investors and private placement,related theories,and reviews the introduction of private placement outside investors motivation and economic consequences of the research at home and abroad,then introduces the case of Qingdao Haier company to outside investors private placement of KKR.On this basis,we deeply analyzed the financial situation and development strategy before the private placement,and summed up the specific motivation of Qingdao Haier's introduction of external investors KKR to participate in private placement.Finally,from the company's performance,corporate governance and company's investment behavior,and the company's financial situation after the introduction of KKR,this paper analyzes the economic consequences of the private placement,introducing external investors to the company.By comparing the causes and economic consequences of this directional supplement,the relevant conclusions and revelations are drawn.