The Motivation,Way And Influence Analysis Of Minority Shareholders’ Collective Denial Of Private Placement

Since the reform of non-tradable shares,private placement has become one of the most popular financing methods in the capital market.Private placement is favored by the market,the key reason is that compared with other financing methods,it has incomparable advantages in the issue object,profitability,subscription and other aspects.However,private placement is an important way of equity allocation,which can help companies or individuals gain control in the imperfect capital market and realize the benefit transmission by paying a lower price.Therefore,in such a relatively concentrated market,directional placement is an ideal choice for companies or individuals to redistribute the benefits.How to safeguard and maintain the legitimate rights and interests of minority shareholders is an urgent problem facing the present.Based on the above background,this thesis adopts the method of case study and chooses Guizhou source power as the research object.Firstly,the research achievements of domestic and foreign scholars related to this thesis are reviewed,and the core concepts and theoretical basis of the application of this thesis are summarized.Secondly,it introduces the case overview,and expounds the development course of Qianyuan Power’s minority shareholders’ collective denial of private placement event.Thirdly,this thesis analyzes the motivation,approach and influence of minority shareholders’ collective denial of private offering behavior of Qianyuan Power Company,sorts out in detail how minority shareholders protect and safeguard their rights and interests through the system under the double impact of major shareholders and management,and explores the feasible ways to safeguard the rights and interests of minority shareholders and the influence of participation in corporate governance,hoping to enrich the research on relevant issues.Based on the case study of Qianyuan Power,this thesis draws the following conclusions:(1)Interest encroachment is the fundamental motivation of minority shareholders’ collective denial of private placement;(2)The "cooperation" between the major shareholders and the management is an important prerequisite for the major shareholders to realize the benefit expropriation;(3)Legal system protection is the basic factor of minority shareholders’ collective denial of private placement;(4)The development of new media such as the Internet is an important way for minority shareholders to realize collective denial of private placement;(5)Minority shareholders’ collective denial of private placement has positive market significance to a certain extent;(6)After the minority shareholders unite to deny the private placement,the major shareholders may take advantage of other ways.Finally,based on the research conclusions,this thesis puts forward suggestions from the perspectives of restraint mechanism between major shareholders and management,protection system of minority shareholders,and participation of minority shareholders in corporate governance by new media.