股权分置改革一直是困扰中国证券市场运行的一项重要制度因素,因为定向增发这项制度的操作流程比较简单、进入的门槛比较低,同时还节省了大笔的发行费用,获得了经济市场的广泛认可.但是,定向增发制度在我国的资本市场中却出现了很多利益输送的现象.本文以东方精工为例,分别对发行时机、信息披露和盈余管理与发行定价的关系进行研究,分析探讨了上市公司如何在定向增发过程中进行利益输送. The non-tradable share reform has always been an important institutional factor that plagued the operation of China’s securities market. This is because the operation flow of the private placement system is relatively simple and the threshold for entry is relatively low. At the same time, it also saves a lot of issuing expenses and obtains the economic market However, the private placement system in our country’s capital market, there have been many benefits of the phenomenon of delivery.This paper takes Orient Seiko as an example, respectively, the timing of the issue, the relationship between information disclosure and earnings management and issuance pricing research, analysis It explores how listed companies can transfer profits in the process of private placement.