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The Study on the Correlations between the Status of Purchasers in Private Placements and Profitability of Listed Companies

Author: ZouChengZuo
Tutor: JiangHai
School: Jinan University
Course: Finance
Keywords: Private placement Investor type Company profitability
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 191
Quote: 0
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Abstract


Refinancing model to become the mainstream of China's A-share market since May 2006 and September 2007, issued by the China Securities Regulatory Commission and the implementation of the \and has maintained a momentum of rapid development. In 2010, China's A-share market, the 146 successful private placement to raise funds of 242.3 billion yuan; public issuance of 9, 40.9 billion yuan of funds raised. Visible, regardless of the additional number of private placement or raise the amount of funds are significantly more than the public issuance of A-share listed companies to refinance one of the main ways. Private placement as a mature financing in the international capital market is more popular, a lot of foreign scholars on the private placement. China's capital market became a common mode refinancing since 2006 due to the private placement, domestic scholars for the private placement. Domestic academia to the private placement are mainly concentrated in the private placement announcement effect, the private placement and the interests of the major shareholder of encroachment, directed additional shareholder identity type, not many studies on the aspects of the private placement and corporate profitability. Therefore, study of the private placement and to participate in the private placement investors the type of impact on the profitability of listed companies have some of the theoretical and practical significance. This paper selects the 2007 A-share listed companies impose targeted additional 107 samples, through theoretical and empirical analysis, the following conclusions: (1) the private placement since 2006 has been able to become a mainstream mode refinancing of listed companies, the main advantage private placement in system cost and optimize corporate governance. (2) the impact of the private placement of the company's profitability is a \(3) by a single indicator analysis and mean test, we found that the private placement of the sample in 2007, the decline in the profitability. (4) the difference between the return on assets before and after a positive correlation between the proportion of private placement of large shareholders in a private placement subscription. (5) the size of the private placement with the company was a negative correlation between the changes in profitability, the larger the size of the private placement, the greater the magnitude of the decline in the profitability of listed companies. On this basis, this paper analyzes the reasons for the decline in corporate profitability in the private placement, and try to give policy advice.

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