Empirical Study Of Factors Affecting Listed Companies' Non-public Offering Price

Non-public offering plays a pivotal role in SPO of listed companies. No matter in foreign or domestic stock markets, most listed companies choose non-public offering to refinance. No other ways can match its amounts and frequency. While in the process, the price of non-public offering weighs more. It determines wealth distribution, refinancing role and operation of capital markets. Thus it's meaningful to study non-public offering.First introduce the background and meaning, points the object is: (1) the factors of non-public offering; (2) the problem in the process of determination price and give suggestions. The creation is that there are distinguishing opinions and through numerical deduction to prove related theories successfully.Then analyze related theories including the asymmetric information theory, equilibrium theory of supply and demand, price pressures psychological theory, the dual share structure model proof theory. While in the process of analyzing theories, numerical deductions play a significant role and prove them further.The third part combines with the actual situation in China stock markets, through the relevant theories to derive the impact of factors of non-public offering, including specific targets, the relevant issue size, stock price, price to earnings ratio, total market value of the size and ownership structure. After study numerical relations between price and its factors, make assumptions.The forth part use the above factors to establish multiple linear regression model, on the basis of the evidence from China's A share market, select a representative sample, by Logistic regression analysis shows that when specific target is the controlling shareholder or actual controller and the controlled enterprise, the price is too high, otherwise the price is too low. The assumptions price to earnings ratio, relevant issue size and stock price is at the inverse direction with the price do hold. The assumption that total market value of the size and ownership structure of non–public offering priced inverse direction to price do not hold.At last give relevant recommendations to pricing for non-public offering. For instance, give suggestions about how to determine the date of non-public offering, idealize the price and rule the disclosure of accounting information and so on.