Research On Market Reaction And Financial Performance Of Yonghui Supermarket's Private Placement

At present,public issuance of new shares,directional additional issuance and allotment are the main ways of equity refinancing for A-share listed companies.Directional issuance,i.e.non-public issuance of stocks,refers to the issuance of stocks by listed companies to a small number of qualified investors.In 2006,the China Securities Regulatory Commission(CSRC)implemented the "Measures for the Management of Securities Issuance of Listed Companies",which for the first time clearly stipulated directional additional issuance.Because of its low issuance threshold and low issuance cost,it soon became the main equity refinancing mode of A-share listed companies.Taking the data of 2006 as an example,as of December 31,2006,59 equity refinancing projects have been completed in A-share market with a total amount of 101.846 billion yuan.Among them,49 additional directional issuances and 90.282 billion yuan were raised.It accounted for 88.65% of the total amount of equity refinancing of A shares in that year.The position of directional additional issuance in equity refinancing can be seen in that year.Then take the data of 2018 as an example.As of December 31,2018,318 equity refinancing projects have been completed and implemented for A shares in the whole year,with a total of 844.878 billion yuan raised.Among them,237 additional directional issuances were made,with a total of 732.251 billion yuan raised.In 2018,the amount of directional additional capital offered by A shares accounted for 86.67% of the total amount of equity refinancing.It can be seen that with the development of economy,the position of directional issuance in equity refinancing is still stable.With the normalization of the directional issuance of shares by listed companies,the impact of directional issuance on corporate performance has gradually attracted widespread attention in academic circles.The directional increase of China's capital market started late and has a short history.Therefore,there are few related literatures in China.However,due to the rapid popularity of directional issuance in A shares,how does directional issuance affect enterprises has become the focus of investors' attention.Therefore,this paper takes Yonghui Supermarket as an example to study the market reaction and financial performance of directional additional issuance of listed companies,and the conclusion has important practical significance.From the theoretical point of view,it enriches the relevant research on market reaction and financial performance of directional issuance.Firstly,the relevant literature at home and abroad is sorted out.Then,it elaborates the system background and current situation of directional issuance in China,summarizes the relevant theories of directional issuance,and deepens the theoretical excavation.Then,this paper takes Yonghui Supermarket as the research object.By using event study method and financial index analysis method,it collates and analyses the stock price data and financial index data of secondary market before and after Yonghui Supermarket's directional issuance.Then,it analyses the market reaction of Yonghui Supermarket's directional issuance in 2015 and in 2016 and its impact on Yonghui.The impact of the financial performance of the city itself is analyzed and studied.Through the research and analysis of the market reaction and financial performance of Yonghui Supermarket's private placement,the conclusion is drawn.The contribution of this paper is to analyze the market reaction of Yonghui supermarket before and after the directional issuance by using event research method.Combined with the use of two additional directional issuance of Yonghui Supermarket to raise funds,this paper compares the financial data of Yonghui Supermarket before and after the two additional directional issuance,and analyses the impact of the two additional directional issuance events on the financial performance of Yonghui Supermarket.Finally,the impact of Yonghui Supermarket's directional additional issuance in 2015 and 2016 on Yonghui Supermarket is concluded.