Empirical Study On The Effects Of Private Placement Factors On The Private Placement Discount

Private Placement is one of the refinancing methods for listed companies’ equity.Since the China Securities Regulatory Commission promulgated the Measures for the Administration of Securities Issuance of Listed Companies in 2006,the private placement has gradually become the mainstream of equity refinancing in the capital market,and has often become the preferred method for equity refinancing of listed companies.As an important financing method in the capital market,private placement has a significant impetus to the development of physical enterprises and the real economy.In recent years,the state has strongly supported the policy of private placement,which has enabled the rapid development and expansion of private placement.The investors have paid more and more attention to the investment value and resource allocation role in the securities market,but in actual implementation,There are a series of problems such as high discounts in the financing process.Therefore,this paper conducts research under the above background to study the influencing factors of the private placement discount rate.Based on the data of the five-year A-share listed companies in Shanghai and Shenzhen stocks from 2012 to 2016,the paper examines the private placement issue,subscription method and pricing.The impact of the selection of the base date on the directional issuance discount rate,and further examine the impact of the combination of the issuer and the subscription method on the directional issuance discount rate.The research in this paper is mainly from the following parts:The first part is the introduction.This part mainly includes the research background and research significance,the research methods and research contents,the research ideas and research framework,and points out the innovation of this paper,and finally defines the related concepts of this paper.The second part is a literature review.This part mainly reviews and combs the relevant literatures at home and abroad on the reasons for the existence of the directional issuance discount and the factors affecting the directional issuance discount rate,and reviews the related literatures of the existing research.The third part is the theoretical basis,current situation analysis and research hypothesis.This part puts forward the theoretical basis of this paper:information asymmetry theory,principal-agent theory,market timing theory,liquidity preference theory,and analyzes the status quo of the implementation of private placement,and puts forward the paper research hypothesis based on the theory.The fourth part is the research design.This section mainly introduces the selection of research samples and data sources,introduces the measurement methods of research variables,and establishes research models.The fifth part is an empirical analysis.This part has carried out descriptive statistics and analysis,correlation analysis,multiple regression analysis on the hypothesis model,and finally conducted a robustness test to further verify the research hypothesis.The sixth part is the research conclusions and policy recommendations.On the basis of the theoretical analysis and empirical test of the hypothesis of this paper,the conclusions of this paper are formed and corresponding suggestions are put forward,pointing out the shortcomings of this research and suggesting further improvement.The results of empirical research in this paper show that with regard to the influencing factors of the private placement discount rate,the discount rate of private placement participation is higher than that of non-large shareholders,and the discount rate of private placement is higher.The major shareholders participate in the orientation by cash.The discount rate is higher when issuing additional shares.The listed company’s choice of the first day of the issue as the pricing benchmark will significantly reduce the discount rate compared to other dates.The innovation of this paper is mainly reflected in the deepening of research content and the novelity of event selection.On the basis of studying the influence of each factor of private placement on the discount rate,the paper further studies the impact of the combination of the issue of the issuance issue and the subscription method on the discount rate.Starting from the event of a new regulation in 2017,the impact of the pricing benchmark date on the discount rate will be studied.The pricing benchmark date proposed in the new regulation for 2017 is only for the pricing benchmark date proposed in the new regulation for 2017 is only for the non-public offering of shares.The rationality of this provision on the first day provides more direct empirical evidence from an empirical perspective.