Research On Refinancing Of Listed Company Of China And Stock Price Effects

As the most important part of stock market, listed company's economic activities can hugely affect the market. With the development of the listed company, the company still face the funding shortage problem, and the company can use refinancing method to solve the problem. However, the refinancing method has its own disadvantage, the negative impact on the stock market. For this reason, researching on the impact of refinancing method to the stock market, and evaluation the advantage and disadvantage of different kind of refinancing method is very important.First, this paper describes the background and significance of the research topic, and discuss the current stage of refinancing development through the introduction of the research of listed companies refinancing method in domestic and foreign. Then we analyzed the refinancing market's economic structure and introduced several major ways of refinancing and theirs impact, so we can find out a higher identify degree refinancing way to the market. And through empirical analysis, analyzing the share price of 56 companies on the Shanghai and Shenzhen last three years which were under different financing methods, so we can find out some rules, before and after the news announced day the price floating rule. The Conclusion is that:investors of refinancing market trend to choose the debt financing than equity financing. Finally, the article summed up the lack of China's securities refinancing markets, and we give a solution way to maintain the sustainable development of Chinese refinancing markets.