上市公司资产注入型定向增发经济后果研究——以上海临港为例.pdf

ABSTRACT The three ways of equity refinancing of Listed Companies in China are share allotment, additional issuance and convertible bonds. Compared with other equity financing methods, directional additional issuance has the advantages of simple issuance process, flexible pricing, and no rigid requirements for the company's profit indicators. Over the years, the financing mode of private placement has helped Chinese listed companies to solve such problems as financing difficulties, acquisition of high-quality assets, resource integration and so on. However, China's current capital market system and relevant laws and regulations are not perfect. In addition, China's listed companies develop late in the way of equity refinancing, but there are still some listed companies using the way of private placement to transfer their interests, damaging the interests of small andmedium-sized investors in China,which has a serious impact on the capital market. Therefore, this paper uses case study method, taking Shanghai Lingang as the research object, to study the changes of financial and market indicators after the asset injection in the case company's directionalissuance. Through the case study, it shows that the asset injection of Shanghai Lingang is relatively successful, mainly including the following aspects: the pricing benchmark of the acquisition of the targeted additional issuance, the calculation of the economic added value of the targeted additional issuance and the analysis of the economic consequencesafter theasset injection. First of all, Shanghai Lingang has finally selected May 31, 2016 as the benchmark date for thepricing of directional additional issuance.The average trading price of the company's shares on the 20 trading days before that date is taken as the market reference price, and 90% of the reference price is taken as the basis of the issuance price, i.e. 14.07 yuan /