Research On The Financial Effect Of Asset Injection Oriented Private Placement Of Zhongtian Technology

The report of the 19th national congress of the communist party of China put forward that China's economic pattern should be transformed from high-speed to high-quality,and the development of listed companies should adapt to the economic pattern,pursue the optimization of industrial structure,the transformation of growth momentum,and the realization of bigger,better and stronger,which cannot be achieved without the refinancing capacity of enterprises.Current corporate finance,private placement,the new three board IPO market shows the situation of the three pillars of the purchase to its financial condition,low disclosure requirements,process simple and efficient,low financing cost advantage into the mainstream,the merger,acquisition and reorganization,project financing,asset injection type,introduction of strategic investors,four types of private placement,asset injection type and because they can take advantage of financing and merger and acquisition,help enterprise to carry on the industrial upgrading,realize resources integration to adapt to the new era of the socialist market economic system,promote the long-term healthy development of the enterprise.However,although a high proportion of companies are optimized through private placement,there are also some cases where the market value of companies continues to decline after private placement.Therefore,it is worth conducting in-depth analysis and research on how private placement affects the financial effect of companies.This article selects cable zhongtian technology company,new and high technology enterprises,studies its in 2015 for the price of 14.69 yuan/share price 2.25 billion yuan to the big shareholders buy the shares of three companies consider assets injection type,through to the related papers and theoretical study,summed up,build up assets from the perspective of transaction subject research into class private placement and overall analysis framework of financial effect,analysis the directional offering background,object,motivation,focus from market value,the financial quality,financial capacity and overall performance analysis of the financial effect,And select similar enterprises using project-oriented additional hengtong photoelectric for comparison,add non-financial effect analysis.The study found that the injection type directional issuance of such assets,short-term market value enhancement,to boost the share price,financial capacity and quality improved obviously,but the long-term effects in the third year after the purchase fell,unable to continue,whole presents the positive side,so this article believe that the big shareholders for asset injection type directional issuance is support for the listed company.The purpose of this paper is to through the study of asset injection zhongtian technology successful purchase case,in order to future regulatory regulatory policy adjustment and the type of assets injection of listed companies on the use of directional issuance to provide direction,lower transaction costs,integration of the assets play a synergistic effect,improve the financial ability,to promote the long-term development of listed companies.