Research On The Benefit Transfer Behind The Directional Additional Issuance

The rapid development of economy leads to the continuous improvement of the scale of the whole capital market.Through the vigorous development of the capital market,many enterprises have found better financing channels and promoted the whole social and economic development activities.However,the complexity of the capital market itself determines that investors will face all kinds of risks in the process of investment.How to avoid the existing risks is the knowledge that every investor must learn.As an important means of refinancing of listed enterprises in the big year,targeted additional issuance has been popular by the majority of listed companies.Our government also strongly supports enterprises to achieve low-cost financing through targeted additional issuance.However,in the process of directional additional issuance,due to the wrong information,The existence of factors such as saying that listed enterprises themselves can achieve the transmission of interests through a variety of legal ways,and ultimately damage the interests of the majority of minority shareholders,but also cause great harm to the credibility of listed enterprises themselves.This needs to carry on the thorough research to the benefit transportation problem behind the directional additional issue,find out the motivation and the reason,and find the corresponding perfect countermeasures,realize the stable development of the capital market.Based on this,this paper adopts many methods,such as literature investigation method,case analysis method,induction summary method and so on,so as to carry on the corresponding research to the hidden benefit transportation problem behind the directional additional issue of listed enterprises.First of all,the article expounds the analysis background,and analyzes the actual research situation of domestic and foreign scholars in this field,and defines the core concepts such as directional additional issuance.Then it analyzes the concrete implementation scheme and process of the directional issuance of Tianbao infrastructure shares,especially the concrete performance of the transmission of benefits from the directional issuance of Tianbao infrastructure shares.Subsequently,the interests of Tianbao Infrastructure shares will be increased and the interests of Tianbao Infrastructure shares will be lost.The specific motivation to be sent is analyzed and the reason behind it is explored.At last,this paper gives an overview of the conclusions of this paper,and puts forward corresponding countermeasures on how to further realize the delivery control of additional benefit.From the final research results,the profit transmission hidden behind the three directional issuance of Tianbao Infrastructure Co.,Ltd.mainly uses earnings management to artificially control the profits of enterprises,inject a large number of overvalued assets,implement high proportion dividends and discount issuance after fixed increase,and finally achieve the purpose of profit transmission.The reason for this is that Tianbao Infrastructure Co.,Ltd.increases its shares at a low price in order to get rid of the market predicament,enhance the control of the enterprise.The main reasons for this behavior include the high concentration of equity,the adjustable price of directional issue,the large operating space of asset evaluation,the flexibility of earnings management and the information of enterprise.The disclosure mechanism is not perfect,so in view of these problems,we must further strengthen the market improvement and the management of the enterprise itself,so as to better avoid the possible problem of benefit transmission.