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Research on the Issue of Changing the Investment Projects about Listed Companies Refinancing

Author: FangXiaoHua
Tutor: XiYanQun
School: Anhui University of
Course: Accounting
Keywords: Refinancing to invest in change Change motivation Market reaction Influencing factors
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 75
Quote: 0
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Abstract


Due to the special constraints of the system background , China's capital market , compared with developed capital markets , and its use of funds raised with significantly different characteristics , behavior changes raise funds to invest more frequently , which caused widespread concern in academic circles . Academia that change the behavior of Chinese listed companies raise two motives : the misappropriating opportunistic profit motive and business investment decision-making motive , not the same under different motivation to change the behavior of the company and the market impact of these changes behavior what factors affect the price effect of the change announcement on the market will produce what kind of impact ? ? Therefore , we can not generally fund-raising will change behavior divided , for good or bad behavior , you must change the behavior of concrete , and for change behavior in different circumstances take a different response . 2003 -2009 refinancing occurred during the change to invest in listed companies as samples . To take a combination of theoretical analysis and empirical analysis , the first analysis of the characteristics and causes of the refinancing of listed companies to invest in the overall situation of change , change behavior . And refinancing of listed companies to invest in change the behavior of an empirical analysis of the effect on the market . The empirical results show that : ( 1) in the notice period , the listed company refinancing to invest in changes to produce a positive impact on the market , but not significantly , and the change in behavior in the two motives company number differences . (2 ) the occurrence of refinancing to invest in changes to the Company 's asset-liability ratio higher cumulative excess rate of return lower ; refinancing companies to invest in change occurred larger the scale , the higher the cumulative excess yield ; occurred refinancing to invest in a company changes ownership concentration the higher the degree , the higher the cumulative excess yield ; does not significantly change the ratio of the change time and managers stake cumulative excess yield , this shows that the high rate of the balance , the smaller the size of the company and the lower the degree of ownership concentration of refinancing occurs to change behavior more tends to misappropriating motivation . The results of this research for investors to judge the behavior of listed companies , and managers to improve the corporate governance structure, and regulatory authorities regulatory refinancing of listed companies to invest in the change behavior and provide a reference .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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