| The three ways of equity refinancing of Listed Companies in China are share allotment,additional issuance and convertible bonds.Compared with other equity financing methods,directional additional issuance has the advantages of simple issuance process,flexible pricing,and no rigid requirements for the company's profit indicators.Over the years,the financing mode of private placement has helped Chinese listed companies to solve such problems as financing difficulties,acquisition of high-quality assets,resource integration and so on.However,China's current capital market system and relevant laws and regulations are not perfect.In addition,China's listed companies develop late in the way of equity refinancing,but there are still some listed companies using the way of private placement to transfer their interests,damaging the interests of small and medium-sized investors in China,which has a serious impact on the capital market.Therefore,this paper uses case study method,taking Shanghai Lingang as the research object,to study the changes of financial and market indicators after the asset injection in the case company's directional issuance.Through the case study,it shows that the asset injection of Shanghai Lingang is relatively successful,mainly including the following aspects: the pricing benchmark of the acquisition of the targeted additional issuance,the calculation of the economic added value of the targeted additional issuance and the analysis of the economic consequences after the asset injection.First of all,Shanghai Lingang has finally selected May 31,2016 as the benchmark date for the pricing of directional additional issuance.The average trading price of the company's shares on the 20 trading days before that date is taken as the market reference price,and 90% of the reference price is taken as the basis of the issuance price,i.e.14.07 yuan / share.Although 90% of the average price of A-share trading on the first 60 days before the benchmark date of Shanghai Lingang pricing is16.32 yuan / share,considering that the domestic A-share market fluctuated from a high level to a low level in 2016,the stock price of the company also fluctuated significantly,so according to the comparison of the price earnings ratio of enterprises in the same industry in the A-share market,it is reasonable for Shanghai Lingang to use 14.07 yuan as the price standard of additional issuance.Secondly,through the analysis of the relevant indicators of listed companies,Shanghai Lingang,after the injection of high-quality assets,the company's revenuescale has been relatively improved,and the secondary market has also received positive feedback.Shanghai Lingang has achieved good economic results after the completion of targeted issuance,which not only eases the cash pressure of listed companies,but also improves the profitability of listed companies.For the case of Shanghai Port oriented additional issuance and its economic consequences caused by asset injection,this paper puts forward some suggestions that can be used for reference by listed companies,including: 1.A number of asset packages and supporting injection are relatively stable;2.Raising supporting funds can alleviate debt paying ability and expand business scope;3.Management and operation after asset injection can protect and enhance shareholder value to 4.Scientific evaluation of the injected assets can maximize the effect of the directional additional issuance;5.The state-owned enterprises can improve the company's equity structure through the directional additional issuance and maintain the control of state-owned capital. |
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