The Operating Performance Change And Determinants Analysis Of Chinese Listed Companies With Seasoned Equity Offering

Since 1998, the seasoned equity offering (SEO) has developed rapidly. It has already become one of important ways to re-financing in Chinese stock market. And after SEO, the operating performance of listed enterprises is also a hot topic which the public pay attention to. Many domestic and foreign related researches are developed, but we always do not have a consistent explanation about operating performance change and their reasons. Around this background, we conduct the comparison research about Chinese listed companies between pre-SEO and after-SEO. And we discover the possible reasons that influence operating performance change.This article is composed of seven parts. The first chapter mainly introduces the primary questions such as background, goal, significance and so on. The second chapter elaborates the definition and related research achievement of SEO. The third chapter elaborates the related situation of domestic SEO. The fourth chapter develops research about operating performance change of SEO, using EVA and EVA-Spread. Finally, we find that the operating performance of Chinese listed companies deteriorates obviously. The fifth chapter finds the possible reasons that lead to the deterioration, through the regression analysis to the characteristic of companies and SEO. The sixth chapter makes the thorough summary and the analysis to the first two chapters' research results. And the seventh chapter gives the countermeasures and the suggestions about how to improve the financing effect.The research result of this article gives us a good theory instruction about how to improve the effects of SEO. This is not only good to the improvement to companies' management benefits, but also good to the development of Chinese stork market. Therefore, this paper has both good theory value and practical significance.