Research On Performance Of Private Placement Of Photovoltaic Listed Companies ——Taking Longgi As An Example

In recent years,The capital market has developed rapidly.The number of listed companies is increasing and the pace of IPO issuance is accelerating.Industry competition has become increasingly fierce,so as to better develop the company,the financing demand of small micro enterprise is high.In order to support the national development strategy,the following year after the implementation of the share reform,the CSRC issued the refinancing management plan to meet the financing needs of listed companies.Policy played the role of catalyst,promoted the development of directional addendum.In 2021,the number of private placement of listed companies is 458,and the size of the private placement reached 90 billion yuan.In the wake of the development of capital market,the policy of private placement is constantly changing,the forms of private placement of listed companies become diversified,and the motivation of private placement becomes rich.Private placement is an important means of financing for listed companies,which can affect the business situation of listed companies.In addition,private placement is targeted at characteristics and has certain internal attributes,so it is difficult for the outside world to understand the specific details of private placement.Therefore,it is of great significance to study the performance of private placement,which can help listed companies make better financing decisions and provide optimization suggestions for regulatory authorities.Taking Longji Stock as a case study,this paper focuses on analyzing the impact of two private placement on company performance and market reaction.Firstly,the research background and significance of this paper are expounded,and this paper combs the domestic and foreign literature from two aspects.one is the motivation of private placement,the other is the performance of private placement.Secondly,it introduces the related concepts of private placement,and makes a detailed analysis from three aspects: categories,policy changes and characteristics of private placement.And analyzed the important theories based on the research,and then under the guidance of the three theories,conducted an in-depth study of Longji Shares,especially the formation mechanism and the impact of the private placement.This paper introduces the basic situation of photovoltaic industry,introduces the content and basic process of private placement of Longji Shares in detail,and analyzes the motivation of private placement of Longji Shares from five aspects.Longitudinal analysis of longji shares before and after the private placement of solvency,operating capacity,growth capacity,profitability and cash flow,and the relevant indicators and the industry average horizontal comparison.Then,select the characteristics of the event period,studied the impact of private placement on the company’s market performance.Finally,summarize the research conclusions and enlightenment of longji’s two private placement.First,it is necessary to scientifically select the projects for private placement,choose the private placement at the right time,rationally allocate the funds raised by private placement,better utilize the efficiency of funds,and reduce the risk of cash flow.Second,the company should set long-term goals,strengthen cost management ability,give play to the synergistic effect between upstream and downstream,expand and build channels in depth,improve endogenous power,do not rely too much on government subsidies,and improve its own strength.