Research On The Motivation And Effect Of Private Placement Of NAURA

As one of the ways of equity refinancing in the capital market,private placement has quickly been recognized by domestic listed companies due to its advantages of low cost and high efficiency,and has become one of the main choices for listed companies to raise funds.Semiconductor industry due to the "bottleneck" constraints,to continue to carry out independent research and development,expand production capacity,there is a strong financing demand.Therefore,it is necessary to study the private increment behavior of semiconductor firms.This paper takes the three private placement cases conducted by NAURA,a leading semiconductor equipment company,in 2012,2016 and 2019 respectively since its listing as the research object to explore the motivations of NAURA’s private placement in three different development stages and the effects of each private placement,so as to enrich the refinancing research in the semiconductor industry.This paper first introduces the development process,main business and integrated circuit industry of Norna Innovation,and then combs the issuance process and the use of raised funds of the three private placement cases of Norna Innovation in detail.This paper focuses on the specific analysis of the motivations for the three private placement of NAURA,mainly based on the financing advantages of private placement and the development status of the company at that time.This paper also focuses on the effects of the three private placements of NAURA.Centering on whether each private placement has the corresponding effect,this paper analyzes the market effect,financial effect and innovation ability after the private placement.After studying the market effect of several private placement,this paper finds that: in terms of short-term effect,the announcement of private placement plan does produce a certain degree of positive short-term announcement effect;In terms of long-term effects,except for the first private placement,the last two private placements have significantly positive long-term market effects.According to the horizontal and vertical comparative analysis of various financial indicators,it is found that the first private placement did not improve the financial performance of NAURA,but the second and third private placement improved the profitability,operating capacity and growth capacity of the company to a certain extent.Through the analysis of the influence of three private placements on the R&D innovation capability of Norna Innovation,it is found that private placements do play a certain role in promoting the R&D capability of Norna Innovation.This paper believes that the reason for the difference between the three times of private placement is that the private placement has a very limited effect on improving the performance of companies that are still in the initial growth stage.Finally,according to the research findings of this paper,the corresponding reference suggestions for listed companies,investors and regulatory authorities are put forward.