Evidence Study On Price Effect Around Announcement Period Of Right Offer Under Subscription Of State And Legal Person Shareholders

Right offering is one of the most important ways for our listed companies to raise the fund and it is also one of the important ways to deploy resource in stock market. Right offering which was inclined to be chosen is complained in stock market. It is in the process of quantitative study in academic field, which was studied from qualitative.Big shareholders determine right offering. However they always abandon their subscription. The dissertation begins with the subscription of state shareholders and legal person shareholder. It then analyses price effect around announcement period of right offer. Firstly the paper applies the research about this field, which are the maximum capital structure and Informational asymmetric and financial intermediation and adverse selection and ownership structure change. So empirical study picks up financial leverage and size of right offering and yield before the period to test the theory. The result shows that the three features are really significant in statistical of comparison between announcement period and corresponding 35 days period and that are not significant from multi-regression.After that, the paper discusses efficient market theory and ownership structure theory. The securities market reaches semi-strong efficiency. Base on this, empirical study considers three announcement periods. The ownership structure is obviously different from western listed companies, which are one big shareholders and non-circulate of state shareholders and legal person shareholder. So empirical study also considers the subscription of state shareholders and legal person shareholder. The result shows that nothing but the subscription level of state shareholders insignificantly affect stock return around announcement period of right offering.The paper still discusses the right offering system concerned, which provides system background for evidence study and theory basis for advice. At last, the essay brings forward circulation of state shareholders stocks and legal person shareholder stocks and competitive ownership structure and institutional investors and legal person shareholding structure.