由于定向增发具有发行对象可自由选择、无盈利要求、融资规模无限制、认购方式多样等独特优势，受到上市公司的青睐，其中资产注入型增发更是受到了广泛的运用，其主要原因是，通过采用向大股东发行股份的方式来收购资产，不仅可以减少资金的使用、避免财务危机，还可以完善公司产业链结构，减少同业竞争。然而，为了获取更多的利益和资源，在资产注入型定向增发的过程中，上市公司的控股股东可能利用其控制权进行利益输送，比如将劣质资产注入上市公司或对注入资产评估增值等。那么，上市公司实行资产注入型定向增发对财务效应究竟会有怎样的影响。以往学者对定向增发也进行了大量的研究，研究主要包括定向增发的折价现象、公告效应、公司绩效、利益输送问题等，对资产注入型定向增发后企业的财务效应的研究相对较少，本文则对这一内容进行了补充。通过对企业实行定向增发后财务效应的研究，不仅有助于判断本次交易是否达到了公司的增发目的，还可以为其他想要实行资产注入型定向增发的上市公司提供借鉴作用。 本文在对已有的关于定向增发、资产注入的文献进行分析整理的基础上，以国电南瑞科技股份有限公司为例对资产注入型定向增发后的财务效应进行分析。为了使研究结论更为准确，本文以10家与国电南瑞市值相邻的同行业可比上市公司和同行业可比上市公司中2011-2016年未实行资产注入型定向增发的公司——特变电工股份有限公司2011-2016年的主要财务数据作为参照进行对比来分析本次增发对国电南瑞的资产质量及财务业绩的影响。研究结果表明，从资产质量来看，本次增发对提高国电南瑞资产的流动性、减少企业的经营风险有一定的积极作用；从财务业绩来看，本次增发有利于国电南瑞营运能力、偿债能力和发展能力的提升，但对盈利能力的影响较小，但总的来说，增发后国电南瑞的财务业绩也有所提升。最后通过国电南瑞本次资产注入型定向增发案例总结出三个建议：明确标的资产所有权、保证标的资产的优质性、制定科学合理的增发方案。

Because of the unique advantages of targeted offerings, such as freedom of choice for distribution targets, non-profit requirements, unlimited financing scale, and various subscription methods, they are favored by listed companies.Among them, the asset injection type is more widely used, the main reason is that the acquisition of assets by means of issuing shares to major shareholders can not only reduce the use of funds and avoid financial crisis, but also improve the company is industrial chain structure and reduce competition in the industry.However, in order to obtain more benefits and resources, in the process of asset injection-oriented private placement, the controlling shareholder of a listed company may use its control power to transfer interests, such as injecting inferior assets into a listed company or adding value to an injected asset. In this paper, based on the analysis and consolidation of the existing literature on private placements and asset injections, Guodian NARI Technology Co., Ltd. is taken as an example to analyze the financial effects of the asset injection-oriented private placement.In order to make the research conclusions more accurate, this paper uses 10 comparable companies in the same industry that are adjacent to Guodian Nanrui market value and comparable companies in the same industry in the company that did not implement asset injection type private placement in 2011-2016 – TBEA. The main financial data of the stock company limited by shares from 2011 to 2016 are used as reference to analyze the asset quality and financial performance of Guodian NARI.The research results show that from the perspective of asset quality, this issuance has certain positive effects on improving the liquidity of the assets of Guodian Nanrui, enhancing solvency of the company and reducing the operating risk;from the perspective of financial performance, this additional is conducive to the improvement of the operating capacity, debt repayment ability and development ability of NARI, but the impact on profitability is small, but in general, after the additional issue of State Power NARI The financial performance has also improved.In the end, this paper summarizes through the directional injection of capital injection by Guodian Nanrui, and puts forward three suggestions: clarify the ownership of the underlying assets, guarantee the quality of the underlying assets, and formulate a scientific and reasonable issuance program.