Research On The Impact Of Private Placement Of Gem Listed Companies On Company Performance

As one of the equity refinancing tools,directional additional issuance has become the first choice for listed companies on GEM for equity financing due to its low issuance threshold and concise procedures.Based on the EVA perspective,this paper studies the impact of private placement of GEM listed companies on operating performance.On the one hand,it enriches the research on private placement of GEM and refines and supplements existing research theories;on the other hand,it also conducts effective governance for companies,Investors make rational investments and supervisors adopt effective supervision to provide a certain reference significance.This research system combs the relevant research at home and abroad,and conducts theoretical analysis from three aspects: information asymmetry theory,supervision theory and management defense theory.On this basis,the company's operating performance is measured using the economic value-added rate of return(economic value added/total assets)index.The GEM listed companies that implemented targeted additional issuance in 2016 are selected as the research object,and the three years before and after the targeted additional issuance are the research period.Establish a multiple regression model to study the impact of private placement on the company's operating performance,and further analyze the different effects of private placement targets,financing purposes,and the degree of discount on operating performance.The study found that compared with the year before the additional issuance,the targeted additional issuance did not significantly improve the operating performance of the companies listed on the GEM during the two years after the additional issuance.In addition,the targeted additional financing is only for institutional investors and financing purposes.The purchase of assets can significantly improve the company's operating performance.The targeted additional financing is for the construction of the project and the company's performance.There is a significant negative relationship between the targeted construction and the company's performance.No significant correlation.