| In recent years,the ban-lifting of stock market in China is in the high tide period.In terms of the market value of the stocks that have been lifted,2017 is the most throughout the history,with the value exceeding 3 trillion yuan.At the same time,the number of the banned shares which have been lifted compared with the previous year has also increased significantly.It can be found from the reasons that the approval efficiency of IPO projects has been improved,and the number of private placement projects continues to increase,which makes the huge amount of unrestricted shares are allowed to participate in market transactions.However,the increase of such a large number of shares in circulation is bound to bring serious impact on the original balance of China’s securities market.In addition,the lifting of the ban will cause a series of issues such as unusual fluctuations in share prices,reduction in the investor confidence and so on.For listed companies facing the issue of restricted share sales,the lifting of the banned stock not only affects the shareholders and retail investors,but also has an important impact on the overall corporate value.Based on the existing research results,this paper makes an in-depth exploration of the research problems.At the same time,based on the detailed data statistics of the lifting of the banned stock,it analyzes the current problems of restricted stock in China’s secondary market by studying the analysis and collation of relevant documents and in-depth study of related theories,discussing the current situation and characteristics of ban-lifting of China’s restricted stock from various aspects.These aspects include the types of ban-lifting,market value,quantity and the situation of the shareholders to reduce the number of stocks after lifting the ban.This paper takes Sanfo Outdoor as an example to analyze the impact on the corporate value caused by the IPO and the lifting of restricted shares used from the equity incentives.The corporate value before and after the lifting of restricted shares is compared and analyzed by using the free cash flow discount model,in order to determine the future development capacity of the company and the company’s overall value resulted from the affected situation,which makes the analysis results more convincing.By studying the fluctuation of corporate value before and after the lifting of the ban on restricted share sales,it is found that Sanfo Outdoor needs to carry out a series of self-reform to deal with the problems of corporate value reduction during the ban-lifting period.The main points include improving the cash flow,improving the profitability of the enterprise,improving the transparency of the company’s operation process and enhancing the enterprise’s constant competitiveness.In respect of macro method,some reforms are also needed to alleviate the negative impact of ban-lifting on shares of listed companies on the securities market.For example,they can increase the cost of reducing shares after the ban-lifting and establish the national team fund,rely on the government fiscal and monetary policies so as to alleviate the contradiction between supply and demand in the stock market.In addition,they can innovate institutions and tools by implementing secondary offering system and increasing liquidity management tools.At the same time,the paper aims to be used for reference for other studies on the impact of the ban-lifting on restricted share sales on corporate value to some extent. |
