A Study On The Impact Of Private Placement Of Corporate Value

When companies do not have enough currency to run the business,they will find out the way to get enough capital in order to run the business in the long time and get profit.There are many ways of financing for listed companies,which are classified as equity financing and bond financing.Among them,equity financing is separated from two types:public financing and non-disclosure.The non-public offering is the private placement to be discussed in this paper.The way investors subscribe,in accordance with the provisions of the relevant laws and regulations can be subscribed to the cash can also be used to subscribe for the behavior of investors.But because of the relevant regulations and provisions of the private placement is not perfect.So that people can make use of this vulnerability to damage the interests of the company or even the interests of small shareholders to conduct wealth plunder,to complete the transfer of benefits.Therefore,this article is to explore some of the relevant factors and the private placement of the company,whether there is a positive effect exists.This paper uses Chinese Shanghai and Shenzhen A stock market from 2009 to 2013 data,in the regression way of empirical analysis,two main factors:first,if the listed companies lack of funds to private placement,if the object of private placement for the listed company’s shareholders,whether it will have a positive impact for the company,or the negative influence;in other words,if the major shareholders of listed companies for investment,for the company as a whole is "support" or "plunder" is the interests of the transport behavior,the thesis wants to discuss the phenomenon of A.Second,because the China for asset appraisal regulations and evaluation process is not mature,resulting in a same asset evaluation in different places may have different values,the assets issued private placement of Listed Companies in the evaluation of the value of the assets is relatively cumbersome,but if the subscription of investors to invest in cash rather than the use of assets to invest in listed companies,what is the effect of this paper is to study and discuss.