The Research On The Shareholder Wealth Effect Of The Private Placement In The Neeq Of China

2013 neeq expansion to a nationwide,just a few years neeq market listing number of enterprises has more than 10,000,as China's multi-level capital market an important part.In order to solve the problem of financing listed companies,neeq market draws on the A-share market,will be introduced into the listed companies,and listed companies to implement private placement compared to listed companies to implement additional conditions of the issuance of more relaxed,more simple procedures,The financing of listed companies is difficult,the problem of financing expensive.From 2015 onwards,neeq market has completed 6,738 private placement,accumulated to raise funds for listed companies 3,171.85 billion yuan,neeq listed company financing the main channel,to a large extent to meet neeq listed companies financing needs.In this paper,it is of practical significance to provide a realistic basis for the regulatory bodies to formulate rules and regulations that conform to the rules of the market by studying the wealth effect of the shareholders of the new three-board private placement to realize the maximization of the interests of the listed companies and investors.In this paper,by adopting the combination of qualitative and quantitative methods,consider shareholder wealth effects,this paper combing the theoretical basis of directional issuance,the induction summary to the related literature in the field of scholars both at home and abroad,secondly this article selects 2015-2016 implementation of private placement market between April monthly data of listed companies as research samples,once again,adopt the method of multiple regression model of statistical research under the condition of different directional issuance of shareholder wealth effect,Finally,some opinions are put forward to encourage the listing company.The results show that::China's neeq has a positive shareholder's wealth effect;the subscription object is the major shareholder,the related party and the company's new director of the new board of three listed companies to increase shareholder wealth effect better than Neeq listed companies to increase the issuance of shareholder wealth effect better than subscribed to the financial investors for neeq listed companies to increase shareholder wealth effect;cash to subscribe for neeq private placement of shareholders wealth effect better than non-cash assets subscribed to private placement Shareholder wealth effect;large shareholders to participate in listed companies private placement,the higher the proportion of subscription of new shares,the more obvious the effect of shareholder wealth.Combined with the results of this study,this paper proposes to actively encourage companies through private placement financing,strengthen the neeq market and the a-share market,strengthen regulators in neeq market regulation,on the system to be reasonable to develop the new three board consider issuing mechanism,and form A complete set of measures to strengthen neeq market liquidity.