Research On The Impact Of Issue Price Bias Of Private Placements On The Performance Of Listed Companies

After the reform of the share split,there has been a new type of financing tool for the private placement of listed companies,becanse the threshold and the cost of issuance are relatively low,so that in the past ten years after 2006,this model has already It has broken the existing financing pattero of initial listing,public issuance,and allotment,and has gradually developed into the preferred mode for listed companies to finance.After summarizing the existing literature,this paper combines the two methods of empirical research and normative research to screen out the private placement between January l,2014 and June 30,2016.As a research object,the company has empirically studied the impact of the issuance of private placement price on the short-term performance and long-term performance of listed companies through the dual difference model.The companyls performance is divided into financial performance and market performance.Later in this paper,the role of the issuance and distribution of private placements in the relationship between the issue price bias and long-term economic consequences is also discussed.Through empirical research,the paper draws the following conclusions:(1)After the private placement,the company's short-term financial performance will decline,while the market performance will improve,the long-term financial performance and market performance will decline to a certain extent,and the issue price is biased.The level of decline in the sample companies with higher levels is even more pronounced.(2)The negative impact of the issue price bias on the financial performance is not significant in the issuance of assets for asset issuance.Assets are not the funds but the assets,which affects the impact of the issue price bias on long-term performance.The mechanism has alleviated the negative correlation between the two to some extent;the negative impact of the issue price bias on market performance is more obvious in the asset-issuance.Finally,this paper puts forward four policy recommendations based on the empirical conclusions,namely:(1)to enhance the supervision and management of shareholder behavior;(2)Private placement with participation of major shareholders under special supervision;(3)Standardizing the information disclosure system of private placement;(4)Strengthen the supervision function of the board of supervisors.