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Research on the Refinancing Performance of Listed Companies in China

Author: GeBangLiang
Tutor: BeiZhengXin
School: Suzhou University
Course: Finance
Keywords: refinancing listed company performance
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 216
Quote: 1
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Abstract


With the rapid development of the securities market in China, the refinancing methods of listed companies have ranged from simplification to multiplication, from verification system to approve system. The scale of refinancing has also grown rapidly and become the key leader of the total scale of financing. Therefore, under this background, it has a certain theoretical and practical significance to study the refinancing performance of listed companies in China. This paper uses methods of theoretical analysis and empirical analysis to study the impact of different refinancing methods on the market performance of listed companies. And we mainly get following conclusions: (1) The Average Abnormal Return (AAR) statistical data of seasoned equity offering method is relatively stable, while the AAR for rights issue method is unstable. During the period of time before the refinancing announcement, the CAR data of refinancing methods is basically positive except the rights issue method, and the data is much bigger approach the announcement day, gradually increased.(2)After the refinancing announcement, the Cumulative Abnormal Return (CAR) statistical data mainly shows the downward trend with the exception of seasoned equity offering method, it means that the investors have adjusted the previous high expectations of to the companies after knowing the special terms. However, for the seasoned equity offering method, the CAR data continues to maintain the upward trend with a slowdown growth, and the whole period sample and rise period sample both support this conclusion.

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