An Empirical Study On Private Placement And The Effect Of Market Value Management Of Listed Companies In China

Private placement is a means of refinancing of listed companies,also known as non-public,is to conform to the conditions of limited investors of listed companies to issue stock at a specific price behavior,Chinese regulators allow specific investors with cash or assets to subscribe for shares of listed companies.2006,the measures for the administration of the issuance of listed companies promulgated after the participation main body to the diversified development of capital market in China,various regulations gradually mature,the capital market IPO and the purchase case presents the explosive growth of listed companies,at the same time,Chinese scholars put forward the concept of value management,for the first time that should be based on the value and use value management company financial management,operation and management and investor relations management methods and means to comply with the laws of the operation of the capital market in our country,it is against our country special national conditions of the proposed product,is in a concept of transition is not fully mature capital market,their purchase behavior of listed companies in the capital markets and a large number of research value management,although still in the exploratory stage,but a lot of research results for long-term stable and healthy development of capital market in China still has great significance.This paper for the research on purchase behavior of listed companies at home and abroad to comb,and then the evolution of the value of the foreign and domestic market value management process are analyzed and compared,and then the special national conditions in China,the private placement of listed companies and market value management theory analysis and elaboration,describes the present stage our country consider the evolution of the market,this paper introduces the basic process of private listed companies in China to apply for and need to meet the general conditions,summarizes the market value of listed companies in our country the management process and means,at the end of the paper on how to use the purchase behavior of listed companies to improve market management effect has carried on the empirical analysis,explores the purchase behavior of listed companies on its market value management effectiveness mechanism,guide full and reasonable use of market value of listed companies management means to enhance their own value,provide theoretical support for the purchase behavior of listed companies.In this paper,through the study found that: the listed company to consider as a means of market management,to give full consideration to their ownership structure,the design of non-public plan,should actively fight for major shareholders as subscribed objects,a directional issuing shares proportion is unfavorable and exorbitant,within a reasonable range of listed companies to improve the project size accounts for the proportion of total assets to raise.