Analysis On The Problem Of Benefit Transmission From Refinancing And High-send Transfer Of Listed Companies

Private placement is the most mainstream way of refinancing.However,due to the imperfection of China’s regulation and relevant laws and regulations on refinancing,private placement has become a tool for large shareholders and their related parties to transfer interests and damage minority investors.However,with the improvement of supervision and correlative laws and regulations,it is almost impossible to rely solely on private placement to realize the arbitrage of major shareholders.In recent years,portfolio arbitrage based on private investment has emerged in China’s stock market.Among them,the private investment of subscription shares to achieve the purpose of share expansion,and then through the equity premium to achieve high transfer,and finally reduce the arbitrage to complete the transfer of interests.At the same time,the investors can use the large margin to transfer the shares to the related parties.Large shareholders and related parties rely on the control status,use the dividend catering theory to stimulate the sentiment of small and medium investors,lead the stock price trend,and use the tunneling behavior and information asymmetry theory to complete the interest transmission,which ultimately damages the interests of small and medium investors.Through the combination of the above two arbitrage methods,this paper finds that the combination of private placement,high delivery and exchangeable bonds can achieve accurate arbitrage,which is more novel and more covert.In this paper,we choose Zhao Xin’s private placement,choose the opportunity to transfer high,Shen Zhen rainbow venture capital group issues exchangeable bonds as the research object,and use the event study method and financial analysis method for case analysis.This article mostly contains five sections.First of all,this article introduces the correlative contents of the introduction.Secondly,the literature review and related theoretical basis.Thirdly,it introduces Zhao Xin Energy Co.,Ltd.and rainbow venture capital group,and further introduces the case of Zhao Xin Energy Co.,Ltd.for private placement and high delivery,and Shen Zhen rainbow venture capital group for issuing exchangeable bonds.Secondly,it analyzes how the major shareholders use the relevant terms and issuing time to complete the transfer of interests.Combined with financial analysis and the use of market adjustment method to identify,it analyzes the impact of such arbitrage mode on stakeholders and the change of ownership structure.Finally,it summarizes the case,and puts forward reasonable suggestions from the perspective of regulators,listed companies and small and medium-sized investors.