The Analysis Of The New Shares Issue And Enterprise Performance Of Chinese Listed Companies

Adopting the Chinese listed companies which finance by new shares issue as research target, this paper, which considers increasing sample size of listed companies that issue new shares, researches the relativity concerning new share issue and enterprise performance.This paper reviews the history of new shares issue of Chinese listed company as well as its actuality, summarizing the practical meaning of the listed company's issuing new shares. This paper also makes several studies as follows: 1, We made positive studies of the domestic and overseas refinancing, summarizing three positive research approaches of refinancing on the basis of comprehensive analysis; 2, Analyzing the reason why the listed companies adopt rationed stock and new shares issue, contrasting the influence to shareholders' benefit in different ways of refinancing; 3, According to analysis, putting forward research hypothesis: relativity between new shares issue of listed company and enterprise performance, and citing the Tobin's Q model to examine the hypothesis that we have put forward to get a conclusion that new shares issue isn't able to improve the enterprise performance; 4,Analysing the development actuality of Chinese stock market and optimizing the design of model. This paper gets a conclusion after linear dependence analysis according to relevant data collected in Shanghai stock market from 2001 to 2004.The innovation of this paper rested with its optimizing the Tobin's Q...