Research On The Motivation And Performance Of The Introduction Of Strategic Investors In Private Placement

Since the implementation of the “Administrative Measures for the Issuance of Securities by Listed Companies” since 2006,due to the advantages of low issuance threshold,simple and fast issuing procedures,and diverse subscription methods,it has been favored by most enterprises in China and has become a refinancing of domestic capital market equity.One of the main ways.By introducing strategic investors through private placement,companies can not only obtain sufficient liquidity to meet the needs of enterprise development,but more importantly,enterprises can obtain advanced technology,mature management experience and market channels for strategic investors.The company’s further development provides favorable support.In addition,the strategic investors introduced by the listed company’s private placements usually have a lock-up period of three years,so as to avoid strategic investors’ short-term selling of stocks for arbitrage,so that listed companies and strategic investors can cooperate for a long time.After combing the relevant literatures,there is not much research on the impact of the introduction of strategic investors on the performance of listed companies.The majority of commercial banks have introduced strategic investors as research samples,and analyzed the introduction of strategic investors to business.The impact of bank performance.There are few studies on the introduction of strategic investors by non-banking listed companies,most of which are based on empirical research,and case studies are relatively inadequate.With the in-depth development of the domestic share-trading reform,the introduction of strategic investor-oriented private placement has also received more and more attention.Does the listed company need to introduce strategic investors and strategic investors to bring to the enterprise? The improvement of business performance has become the core issue of listed companies.Therefore,this paper adopts the case study method to select the listed company Yonghui to issue strategic investors JD as the case study object.By analyzing and summarizing its successful experience,it can not only provide reference for other companies to introduce strategic investors,but also have certain Theoretical value and practical significance.On the basis of the introduction of strategic investors in private placement at home and abroad,this paper selects the incident of Yonghui private placement to introduce JD Group as the research object,and adopts various researches such as case study method,financial index analysis method and EVA analysis method.The method,based on the introduction of strategic investors,studied the changes in the motivation and performance of Yonghui after the private placement.Firstly,this paper reviews the related literatures at home and abroad through the literature research method,expounds the motivation of the introduction of strategic investors and the impact on the company’s performance,and briefly introduces the related concepts and characteristics of private placement and strategic investors.The theoretical basis of this paper is organized.Then,this paper gives a detailed introduction to the general situation of the case company,the background of the private placement of Yonghui and the specific implementation process of the private placement plan.On this basis,the author analyzes the motivation of the private placement of Yonghui,and analyzes the impact of the introduction of strategic investors on the financial performance of Yonghui from four aspects: profitability,solvency,operational capability and growth capability.EVA analysis method calculates the change of real performance before and after the private placement of Yonghui,and analyzes the non-financial performance of Yonghui after introducing strategic investors.Finally,through the above analysis,this paper finds that the introduction of strategic investors by Yonghui has a significant and good effect.Therefore,this paper further summarizes the reasons for the significant performance of Yonghui private placement,which can more intuitively see the impact of strategic investors on the performance of Yonghui.Based on the above case study,this paper finds that the introduction of strategic investors into the private placement can not only bring sufficient liquidity to the enterprise,but also meet the development needs of the enterprise.At the same time,it can provide key support for the next transformation of the enterprise and bring about the improvement of business performance.On the basis of the research conclusions,this paper summarizes some inspirations about the introduction of strategic investors into private placement,in order to provide some reference and guiding significance for the introduction of strategic investors in other enterprises in China.