Research On The Impact Of Private Placement On The Operating Performance Of Listed Companies

Since the promulgation and implementation of the "Administrative Measures for Securities Issuance of Listed Companies" in 2006,the development speed of financing scale in China’s capital market has been improved.The financing method of private placement has the advantages of simple method and low cost,and it can quickly solve the problem of shortage of enterprise funds and improve the financial situation of listed companies.Therefore,the number of listed companies that choose to refinance through private placement in the capital market has increased rapidly in recent years.However,with the rapid development of the market,the defects and regulatory loopholes in the private placement market have also been gradually exposed,and the regulatory authorities have begun to intensify their examination and raise the restriction requirements.However,it is worth further discussion and research whether the private placement can really improve the value of the enterprise and have a positive impact on the business performance of the enterprise.Based on the existing research theories and current development situation,this paper takes R Company,which implemented private placement in 2014,as the research object to analyze the impact of private placement on its operating performance.Firstly,the paper uses the fund gap calculation model to analyze the fund demand of listed companies and proves the necessity of R company adopting the financing method of private placement.Secondly,it analyzes the impact of private placement on R company’s market performance through event research method,and then uses single financial index and principal component analysis method to explore its impact on financial performance.It combines various empirical methods to comprehensively evaluate the impact of private placement on R company’s business performance.Finally,through the analysis of the financing case of R company’s private placement,it is concluded that private placement plays a significant role in promoting R company’s short-term market performance and financial performance.The conclusion can provide valuable reference for China’s energy enterprises or listed companies with similar financing needs when making financing decisions and operating performance analysis,and put forward relevant suggestions.