Research On Tunneling In Asset-Injecting By Private Of Equity

With the rapid development of economy in our country,our country listed company to strengthen the demand of this enterprise has become increasingly apparent.Equity refinancing method is one of the important means to increase the competitiveness of company's strength and industry.In 2005 after the reform of non-tradable shares in China,the China securities regulatory commission to consider the needs of the development of the enterprise itself in 2006 promulgated the "measures for the administration of securities issuance of listed companies,formally consider should be brought into the equity refinancing.Consider this a new type of the increasing popularity of equity refinancing plan in our country,at the same time,the regulation of directional issuance of equity refinancing plan is not comprehensive enough,along with the purchase process caused by violation of medium and small shareholders' interests,behind the problems have not yet fully by domestic scholars.This article is based on the purchase process of 2015 listed companies in Yahgee detailed analyzed the behind the private placement of listed company equity structure arrangement,the interests of the late delivery means and capital market performance.Specifically,this article,based on the directional issuance of Yahgee 2015,focusing on the analysis of Yahgee before and after the company issuing short-term or long-term financial situation,consider offering object ownership and profit,performance pledges,and its rankings in the same industry.In this paper,according to the results of Yahgee company to improve company performance,enhance the profit ability and anti-risk ability,and enhance the competitiveness of companies of the purchase,The research results show that after the implementation of the tactical tactics of improving Yahgee's performance,enhancing the sustained profitability and risk resistance,and improving the competitiveness of the company,the essence of the stock is that major shareholders use various means to short the listed companies.The main findings are as follows: First,the private placement of assets into the essence of Yahgee of major shareholders of listed companies transfer of benefits.Secondly,in the course of the targeted issuance of Yahgee,various means were used to transfer interests,such as the negative earnings correlation of listed companies prior to the private placement,manipulation of additional issuance time and issuance price;The injection of bad assets into a private placement;passed after targeted additional issuance.High dividends,and ultimately achieve the purpose of interest transfer.Third,after the introduction of Yahgee company purchase,transport phenomena exist interests,major shareholders not only plundered the interests of minority shareholders,long-term financial indicators of listed companies and business performance by the larger deterioration,damage the long-term performance of listed companies.Directional issuance is meant the securities and futures commission to encourage large shareholders to high-quality assets into listed companies,so as to solve the problem of equity division period legacy,perfect the industry chain,reduce the related transactions of listed companies,and an important measure of industry competition,but on the other hand,the purchase of listed companies is also a new way of the indemnification.Because consider the larger space of the enterprise independent decision,to big shareholders of listed companies consider low,consider high share out bonus or send now,after injection of bad assets,and the high injection of assets valuation problem.These problems seriously infringe on the small and medium-sized shareholders,but also to the healthy development of capital market in our country.Through the study of Yahgee case,this paper sums up the capital market in the part of the chaos in the process of directional issuance and unwritten rules,enriched the study of the economic consequences of the purchase,and puts forward relevant Suggestions,targeted to provide reference for the listed company regulatory departments and small and medium-sized investors.Before and after the study,this paper also helps to clarify the purchase of large shareholder capital operation mode,for the future to further improve the system of equity refinancing of listed companies and securities issue supervision is of important value.