Research On Interest Transfer In The Process Of Y Company's Private Placement

Private placement,also known as private placement,emerged in 2006 when the measures for the administration of securities issuance by listed companies was promulgated.Private placement,with its advantages such as low issuance threshold,low issuance cost,fast review speed and large issuance scale,has become the main tool for equity refinancing in China.But due to the immature capital market in China,the listed company's equity concentration,the reason such as the imperfect relevant laws and regulations,gradually exposed the problems existing in the private placement,the controlling shareholder and its affiliated parties in the purchase process by manipulating the offering price,injection of bad assets,related party transactions,cash share out bonus,takes to raise money for the indemnification,empty and harm the interests of minority shareholders of listed companies.In order to prevent listed companies from excessive financing and reduce the potential transmission of benefits through private placement,China has promulgated a series of policies such as "new regulations on private placement".However,there is still a lack of theoretical research,empirical research support and market feedback,the actual operation and application of the above policies still need to be improved.Based on the statistics of the number and scale of private placement of listed companies in China from 2012 to 2018,this paper analyzes the process and status quo of private placement.Before 2016,the number and scale of private placement increased rapidly,and in2016,the scale of private placement exceeded 1.5 trillion.As the regulatory policy tightened in 2017,the number and scale of private placement shrank.For the research on private placement and interest transfer,this paper analyzes the domestic and foreign scholars' literature on the motivation of private placement,the motivation of interest transfer in private placement,the way of interest transfer in private placement,and the impact of interest transfer in private placement on listed companies,laying a foundation for this study.The research on the issue of private placement and interest transfer in China started relatively late,which was carried out on the basis of the research of foreign scholars and in combination with the national conditions,and was limited to the discussion level.The empirical research and market feedback were lack,which still needed in-depth research.In this paper,by adopting the combination of the theory and case study,using the principal-agent theory,asymmetric information theory,control theory and the theory of existing directional issuance,combined with our unique system background of Y company in2016,the purchase case in-depth case analysis,and system analysis of the Y company background purpose,set before,after lock-up period,increase the indemnification of behavior,and its economic consequences,and put forward orientation on the basis of case analysis in the process of issuing advice to avoid the indemnification.Y company consider case study results show that the Y company's major shareholders by modifying the price setting,include the distribution,equity and cash share out bonus cash pledge,takes to raise money,such as m&a mode to achieve the interests,the purpose of conveying the infringement of the interests of minority shareholders,will increase after the economic consequences of the analysis also prove that the results of the study.Y the company case analysis to research the directional secondary interests during the process of transportation problem has practical significance,to improve small and medium-sized shareholders to consider the ability to identify the transportation problem is to reduce the possibility of small and medium shareholders' interests are violated,at the same time to improve directional issue relevant policies and regulations in China put forward advice,and regulators about the indemnification issues by directional regulation have a positive significance.