A Study On The Impact Of Directional Supplementary Issuance Of G Listed Companies On Corporate Performance

In 2006,the China Securities Regulatory Commission promulgated the Regulations on the Management of Securities Issuance of Listed Companies.Since then,China's directional issuance has formal legal basis.Subsequently,China has issued some other laws and regulations on directional issuance,which marks that the development of directional issuance of China has entered a new stage.Once the financing method of directional issuance is implemented,it is widely sought after by investors in the securities market,because the access threshold of the financing method of directional issuance is low,the issuing procedure is relatively simple,the pricing benchmark day is relatively flexible,the scale of additional issuance will not be too limited,the financing speed is fast,and so on.According to data from Guotai'an database,private placement has become the most popular financing method in China's securities market.However,due to the late emergence of directional issuance in China,the correlative laws and regulations are not flawless,the relation supervision is not so well,and the performance of different companies after the implementation of directional issuance is also very different.Therefore,the study of the implementation performance of directional issuance will help listed companies to make more favorable financing decisions,thereby consolidating and enhancing the value of the company,while providing reference and basis for the relevant supervision of directional issuance.This paper takes G company as the research object,uses information asymmetry theory,market reaction theory,case study method and event study method to study the implementation performance of G company's private placement in the previous year,the current year and the next two years.The article is mainly divided into five parts: through the combination of theoretical analysis and case analysis to carry out analysis and research,based on the existing literature and relevant theoretical basis,through case study method to study the performance of G Company Limited after the directional issuance,first of all,it analyzed the motivation of G Company Limited to carry out the directional issuance,and selected the year before the directional issuance,the year before the directional issuance,and the year after the directional In the next two years,that is,the four years from 2014 to 2017,as the research object,we analyze the specific impact of directional issuance on the company's real performance,summarize the shortcomings and put forward corresponding suggestions for improvement,and summarize and refine its successful experience in order to provide guidance and reference for other listed companies.The main innovation of this paper is to use case study method to study the operating performance of G company before and after the four phases of directional issuance.Eliminating the existing problems in the implementation process of directional issuance of G company has important significance for improving the follow-up implementation of G company's directional issuance plan machine.At the same time,it can provide valuable borrowing for other listed companies to carry out directional issuance.Learning from experience can also provide suggestions for relevant departments,which is conducive to the healthy development of directional issuance.