Corporation Private Placement's Pricing Of Neeq

The National Equities Exchange and Quotations(NEEQ)is the third national stock exchange after the Shanghai Stock Exchange and Shenzhen Stock Exchange which approved by the State Council,and also an important part of building a multi-level capital market in China.As an important support of China's economy,small and medium-sized enterprises have always been faced with problems such as difficult and expensive financing.Therefore,the NEEQ has undertaken the mission of providing a platform for the public transfer of shares of small and medium-sized joint-stock limited companies and providing services for the financing,M&A and other businesses since its establishment.The most commonly used financing method of listed companies on the NEEQ is directional private placement.However,there is no clear pricing method for directional private placement and proposal for reference to the secondary market stock price in the provisions of the NEEQ for directional private placement of listed companies.The company can negotiate pricing with investors,this has led to the frequent occurrence of high discount rate of targeted issuance in the NEEQ market which causes certain losses to the secondary market investors,it also reduces the financing efficiency of listed companies,which may affect the operation and development of small and medium-sized enterprises in China.Therefore,how to provide a scientific and reasonable reference method for the pricing of NEEQ company's directional private placement has important theoretical and practical significance for improving the efficiency of NEEQ company's directional private placement and reducing the loss of secondary market investors.This paper mainly uses the method of literature analysis and case analysis,on the basis of domestic and foreign scholars' research on directional private placement and its pricing method,combined with the characteristics of the NEEQ market,analyzes the case of directional private placement of Guanggu Information Company in 2016.First of all,this paper discusses the pricing method and existing problems of the directional private placement of Guanggu information company,and holds that the pricing method of the directional private placement of Guanggu information company does not refer to the stock price of the secondary market,at the same time,there is no specific pricing method in the disclosed documents,resulting in the situation that the pricing discount rate is too high;Secondly,according to the industry characteristics of Guanggu information company,this paper makes a detailed analysis of its value composition,and believes that it is more conducive to accurate valuation if the company's value is divided into existing assets and potential values.After discussing the applicable methods for valuation of each value component,the existing assets and potential values are respectively valued by the free cash flow discount method and the real option method.At the same time,according to the characteristics of the company's actual decision-making,this paper builds a model of the real option method,and then compares the company's stock price,and concludes that it is reasonable and feasible to use this method to estimate the pricing of the directional additional issuance of the NEEQ company;Finally,based on the case study of the pricing of the directional additional issuance of Guanggu information company,this paper studies the pricing of the directional additional issuance of the NEEQ company put forward relevant suggestions.