Research On The Impact Of The Private Placement Asset Injection On The Performance Of Listed Companies

In 2005,the China Securities Regulatory Commission promulgated the “Guiding Opinions on the Share Separation Reform of Listed Companies”.In 2006,the China Securities Regulatory Commission added and revised the administrative regulations on securities issuance and regulation management,and proposed that non-public offerings can be used to refinance.Moreover,the China Securities Regulatory Commission also supports state-owned listed companies to refinance by means of non-public offering of shares,and encourages listed companies to use the means of injecting assets to make the group listed as a whole.Since then,China's securities market financing method has added a new method-private placement.Although the number of private placements and the scale of financing have shown rapid development in recent years,the non-public offering of shares in China is still in the growth stage.Compared with the capital markets of developed countries,China's capital market is characterized by multi-institutional investment by retail investors.There are few people,so there is a certain gap between China's capital market and mature capital markets of developed countries.Therefore,the theory and research results of many foreign scholars do not fully match China's capital market.This paper selects the listed companies that are subject to additional issuance in China's Shanghai and Shenzhen main board markets from 2012 to 2016.The financial data from 2011 to 2017 is selected to establish a regression model to study the injection and injection of targeted hair extension assets.The impact of the quality of the assets,the nature of the company's ownership and the degree of marketization on the operating performance of the listed company.The following conclusions are drawn:(1)The operating performance of the targeted hair-increasing assets injected into the listed company is better than the business performance of the non-asset injection purpose,in fact,the results are significant;(2)the injection of the assets related assets injected into the targeted hair-increasing assets the company's operating results are better than the injected assets are the operating results of non-related assets.In fact,the results are significant;(3)the operating performance of private listed companies after the implementation of targeted hair-increasing assets is better than that of state-owned listed companies,but in fact the result of the certificate is not significant.(4)The higher the degree of marketization of the location of state-owned listed companies,the better the business performance,in fact,the effect is significant.At present,China's research only focuses on the changes in the operating performance of listed companies before and after the non-public issuance of stocks.The contribution of this paper is to select data with a long time span to study whether the listed companies' non-public issuance of new shares is asset injection,quality of injected assets,The relationship between the nature of the controlling shareholder of listed companies,the degree of marketization and the operating performance of listed companies,and constantly refining the research objects and comparing the impact of different objects on the implementation of non-public issuance of new shares for asset injection on the operating performance of listed companies.