Short Term Financial Effect Research On The Private Offering Of Additional Shares Of China's Listed Companies

At present, private offering of additional shares is the main stream of listed companies'ownership refinancing, which means the stock publisher or underwriter sell the corresponding stock mainly to their chosen or approved institutes or personal. From the technical side of the enterprise's mergers and acquisitions, it is mostly taken as a kind of merger techniques and a way to pay, which is also a key widely used in the present mature capital market through stock payment to realize the corporate, asset purchase, and the industry integration, and also as a good effort on the large enterprise's mergers and acquisitions through stock-asset displacement. To the listed companies, it provides fund for their long-term development and grow, while to investors, it offers a good opportunity on investment. Besides, the overall listing, asset immit as long as it all become a hotspot. So how to analyze and recognize the listed companies' private offering of additional shares nowadays gradually becomes a pressing task for investors. Based on the summarized former study on this field, I take 39 listed companies as examples to study the stock dispartment and reform's short term financial effect by combining the theory and practice, nature determined and amount determined comparison and analyze.The short term financial effect means the extra benefits brought to the stock owner is due to the stock pricing fluctuation caused by all different factors of the stock market. Take October 16th,2007 as a separate line,21 listed companies in March, April of 2007 and 18 listed companies in March; April of 2008 as samples, I separately analyze its financial effect no matter on the Bear market, but also the Bull market. During this study, I set the LRM through figures and extra benefit ratio by taking a good use of EVIEWS software, and then get the conclusion based on the study of the market change and stock owners'benefits.