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1、AbstractSincetheshare-splitreformoflistedcompanies,theenthusiasmofassets·injectingbymajorshareholdershasgreatlyincreased,andprivateplacementsofequityhasbecomethemainmodeofassets-injecting.Buttherightsasymmetryandinformationasymmetrybetweenthemajorshareholdersandminorityshareholders
2、ofthelistedcompaniesarenaturallyexisted,majorshareholdersarethemaincontrollerandoperatorwhileminorityshareholdersaredisadvantaged.Assets·injectingbypfivateplacementofequitybetweenthelistedcompanyandmajorshareholdersisadoubleconnectiontransactionprocess.Aretheassetswhichmajorshareho
3、ldersinjectintothelistedcompanyreallygoodqualityassets?Willmajorshareholderscontrolassetappraisalprocess,increasethevalueoftheinjectedassetsinthedoubleconnectiontransactiontoviolatetheinterestsoflistedcompaniesandtheminorityshareholders?Domajorshareholderstunnelorpropthelistedcompa
4、nies?Different、ⅣiⅡIthepreviousstudies,thispaperexploresthetunnelinginassets-injectingbyprivateplacementofequitybasedontheperspectiveofassetevaluation,and仃ytoanswerthosequestionsabove.Thispaperhassomesignificanceofinnovation.Basedontheagencytheoryofmajorshareholdersandminorityshareh
5、olders,theinformationasymmetrytheoryandthetunnelingandproppingtheoryofmajorshareholders,thispaperanalysestherelationshipbetweenassets—mjectingbyprivateplacementsofequityandtunneling,therelationshipbetweentheincreaserateofassetevaluationandthetunneling,andtherelationshipbetweenthein
6、creaserateofassetevaluationandtheshareholders’wealth.他paperdrawsaconclusionthattunnelingexistsinassets·injectingbyprivateplacementsofequity,andmajorshareholdersdopropthelistedcompanies.additionally-issueddirectionalasset蜘ectionandinterestsandtherelationshipbetweenthetransmissionrat
7、eandassetappraisalofstockholderwealth,conveying,interest'concludesthatthelistedcompaniesissuingdirectionalassetinjectionprocessofconveying,andistheinterestsofshareholderstotheinterestsofthelistedcompany。theshareholdersthattransportsupportlistedcompany.111edirectionalshareslistedcom
8、paniesinChina,themainpurpo