| With the 40 th anniversary of reform and opening up,along with the transformation of China's economic system,the capital market has set sail in the east of the market economy,and diversified financing methods have become an important driving force for the growth of listed companies.In 2006,China Securities Regulatory Commission promulgated the "Measures for the Administration of Securities Issuance of Listed Companies",and the private placements were solemnly displayed on the stage of China's capital market.With the advantages of simple issuing procedures,low financial threshold,low financing cost and high efficiency,the private placement has beaten the refinancing methods such as public issuance and allotment,which has become the preferred method for equity financing of listed companies.Another important reason why listed companies and securities markets favor private placements is that the private placements have diverse operational modes and advantages.They can solve the urgent need for the company's project shortage and improve the company's operating performance by injecting high-quality assets into the company.It can help the company complete the merger and reorganization to achieve the overall listing and introduce strategic investors to achieve the company's strategic development goals.Private placement is a major transaction for a listed company and will definitely affect the financial effect of the listed company.At present,China's research on private placement is focused on the issue of private placement announcement,discount phenomenon,earnings management and interest transfer.However,the research onfinancial effects before and after private placement is still rare.By studying the financial effect of private placement,it is helpful to determine whether the private placement is successful and whether the operation mode is appropriate,which provides a reference for the listed company to successfully implement the private placement.This paper mainly takes the incident of Dongxu Optoelectronics' s private placement in 2013 as a case study to study the financial effects of the company before and after the selection of private placement financing.As the largest and the world's leading supplier of optoelectronic display materials,Dongxu Optoelectronics is in line with the development trend of the glass substrate industry and accelerates the pace of transformation and upgrading to the flat panel display glass substrate industry.It is necessary to combine the company's own financial status and asset scale.Through the appropriate capital operation,industrial upgrading and product transformation can be completed.This paper uses literature analysis,case analysis and comparative analysis to first discuss the domestic and foreign literature on private placement.Secondly,the related concepts of private placement and financial effects are elaborated and defined.This paper introduces the basic situation of Dongxu Optoelectronics' private placement and analyzes the motivation of its private placement from two aspects: on the basis of the above description,it focuses on the financial effects of Dongxu Optoelectronics before and after private placement from four dimensions: Compare and analyze the company's asset quality and financial ability;evaluate the enterprise value based on economic value added and market value;use the event research method to analyze the short-term market reaction of private placement by stock price analysis.Finally,it is concluded that the research-oriented financing-type private placement will have certain pressure on the financial effect of Dongxu Optoelectronics from a short-term perspective.However,from a long-term perspective,with the gradual completion ofthe private placement project,the company's financial effects have been greatly improved,providing the company with a good space for development.At the same time,from the analysis and thinking of the case,the concrete and feasible suggestions are put forward from the perspective of the enterprise. |
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