Study On The Influencing Factors Of Shareholders’ Subscription To Private Placement

Consider refinancing way of secondary objects associated with shareholders and social institutional investors,the two types of secondary object in the process of investment decision-making information collected by the quality and relevance exists asymmetry phenomenon,associated shareholders when they subscribe for new shares,according to "identity" advantage to obtain relevant information to make decisions for their own interests.As an investor,in the process of making investment decisions,income and risk analysis will be carried out first.Therefore,investors will pay attention to the growth of enterprises,because growth represents the development potential of enterprises and the possibility for investors to obtain income.The related shareholders are no exception.They will also pay attention to the growth level of the company when they purchase the additional shares of the listed company.As the issuer of the listed company,it will be under the stimulus of financing motivation for earnings management,and the company usually USES the way of surplus management for the use of R&D expenditure accounting policy choice for accrued earnings management,through the adjustment of R&D expenses class to real earnings management and financial decision-making to achieve the purpose of specific earnings management way..The interest transmission phenomenon of the related shareholders subscription can be used to operate in the above way.Therefore,this article selected from 2013 to 2017 in directional issuance of 1610 a-share listed companies as research samples,the asymmetric information theory,the indemnification,on the basis of relevant theories,surplus management theory,the factors influencing the associated shareholders subscription proportion directional issuance of empirical research,puts forward the growth of listed companies,accrued earnings management degree,real earnings management degree,the degree of information asymmetry and associated shareholders’ subscription ratio correlation assumption.Through descriptive statistical analysis,correlation analysis and regression analysis,the results show that: firstly,the growth of listed companies is positively correlated with the subscription proportion of related shareholders,that is,the better the development prospect of issuers is,the higher the proportion of related shareholders’ subscription of new shares will be.Secondly,when the accrued earnings management degree and real earnings management degree of the listed company are stronger one year before the issue,the proportion of the related shareholders subscribing for the issue will be higher.Finally,the higher the level of information asymmetry of the issuing company,the higher the proportion of its associated shareholders’ subscription.Based on the above research conclusions,this paper proposes to further strengthen the supervision of the securities market on private placement companies,and constantly improve their related information disclosure system;To further improve China’s "intangible assets" accounting standards on R&D expenditure accounting treatment provisions,the research and development phase of a more specific division;Third party intermediary supervision needs to play a more active role,in order to protect the interests of investors,and provide some reference for the improvement of China’s accounting standards and related information disclosure system.