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Research on the Operating Performance of Chinese A-share Listed Companies with Seasoned Equity Offering

Author: ZhaoFengLan
Tutor: LiYuZhou
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Listed companies Private placement Operating performance
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 158
Quote: 0
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Abstract


With China's capital market has grown, the listed companies financing the growing demand for financing from the rights issue is turning into additional. 1998, five Chinese textile restructuring of listed companies issuing opened the prelude to the issuance of new shares, from the issuance of listed companies in China more and more popular. Especially during the split share structure reform, the China Securities Regulatory Commission promulgated and implemented the \advantage of the way of private placement to refinance the company rapidly increase, the stock market has set off a wave of private placement boom. Private placement financing arrangements to bring performance improvement for listed companies, the issues of concern to many scholars. In recent years, however, the private placement in China are concentrated in the private placement pricing of new shares, private placement announcement effect and the associated Fangli Yi transportation and other issues, and the few private placement performance mostly normative research, empirical research little, whether for private placement for listed companies performance improvement empirical research is of great significance. In this paper, a method of combining theoretical research and empirical research, changes in performance in the private placement of listed companies were studied. Theoretical part, the first private placement will make a comparison with other means of refinancing analysis of the strengths and weaknesses of the way of private placement to refinance. Followed by the description of our current status and characteristics of the private placement market. Again the private placement and theory describes the different types of private placement may bring the performance of listed companies which are classified according to different classification methods. The empirical part, we take the factor analysis, a sample of 2008 private placement of 78 listed companies, and selected 15 financial indicators from solvency, operational capacity, profitability, capacity development, cash flow and ability to The five comprehensive measure of the performance of listed companies. In this paper, the factor analysis method to establish a comprehensive scoring model, calculated one year before the private placement, private placement, private placement year three years of operating performance scores. By the overall performance score compared to three years, we found no significant improvement in the private placement of listed companies on the performance. Therefore, this article reveals some of the problems of the private placement market, the performance did not improve after the private placement of listed companies in China was analyzed and discussed, and recommendations are given for some of the policies of private placement.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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