The income that stock holders get from joint-stock companies is dividends, and the distribution of dividends depends on the company's dividend policy. If the company does not distribute dividends, shareholders are not entitled to receive them.
The earliest joint-stock company system in the world was born in the East India Company and was established in the Netherlands in 1602. After the emergence of joint-stock companies, they have been widely adopted by capitalist countries and become one of the important forms of enterprise organization in capitalist countries.
With the birth and development of joint-stock companies, the way of raising funds in the form of shares has also developed, and the demand for share trading and transfer has emerged.
In this way, it promotes the emergence and formation of the stock market and promotes the perfection and development of the stock market. 16 1 1 The shareholders of the East India Company traded in the Amsterdam Stock Exchange, and later a special broker arranged the transaction.
Non-public offering is issued to specific investors, also known as private placement, which is actually a common private placement overseas. Companies can inject high-quality assets through private placement and integrate upstream and downstream enterprises to improve their performance. It can also attract strategic investors and provide a solid backing for the long-term development of listed companies; The price of private placement is not less than 90% of the average price of the company's shares in the 20 trading days before the pricing benchmark date, so it can also increase the net assets per share of listed companies. Therefore, private placement is a good thing for shareholders of tradable shares.
But everything has two sides, and private placement may also reduce the earnings per share of listed companies. Therefore, investors should see whether the profitability per share of listed companies has improved after the private placement, and whether the private placement process has an impact on the interests of minority shareholders.
When a listed company issues additional shares to a promising project, it will be recognized by the market, attract investors' attention, and its share price will naturally go out of the rising market; If the current situation of Xiangtingma is not good or the time is too long, it will affect the market's confidence in the issuance and the stock price may fall.
If private placement injects high-quality assets, its discounted profitability per share is obviously better than the company's existing assets, and private placement can bring about a substantial increase in the company's value per share. On the contrary, if inferior assets are injected or replaced through private placement, it is very likely to become the main form for individual major shareholders to hollow out listed companies or convey benefits to related parties, which will have a greater impact on stock prices.