The Performance Research Of Seasoned Equity Offering, Rights Issues And Convertible Bonds Of Listed Company

Enterprise's creation, survival and development are closely related to financing activities. Different financing preferences and behaviors will form different capital structure, Furthermore they will have a significant impact on the corporate governance structure, operating performance and development strategies. Therefore financing becomes the major event which the enterprise should consider. After the Initial Public Offerings, the following development of listed companies mainly depends on its financing ability.Currently, there is no direct comparison of the performance of different re-financing methods in China, and there only have a few close references. It will have a realistic significance to study the performance of different refinancing methods from the theoretical and empirical aspects at this stage. This paper plans to test the performance of listed companies which use the Seasoned equity offering, Rights issues or Convertible bonds to refinance, so as to find the best refinancing method for listed companies. This is a starting point as well as the innovation of the paper.This paper mainly uses the empirical and normative combination of research methods. First, the author summarizes and analyzes the predecessor's research conclusion, and proposes the research suppositions in this foundation. Then, the author takes the listed companies which refinancing in 2004 as empirical samples, uses the Descriptive statistics, Nonparametric tests, Factor analysis methods to study the performance of these three types companies, hoping to provide some help for listed companies to make the refinancing decision from the empirical outputs. A variety of statistical and analytical methods used in this paper is also one of the bright spots.Empirical results indicate that listed companies which used the Seasoned equity offering, Rights issues these two refinancing methods, its performance has shown a downward trend; listed companies which adopted the Convertible bonds method, there would be a declining trend in its performance if compared in the vertical angle, but those companies have better performance compared with paired samples in same profession; when mentioned the comparison to these three types refinancing companies, the convertible bonds companies have the best performance and the seasoned equity offering companies have the worst performance in the next year after refinancing.Based on the empirical results, this paper further analyzes the reasons for declining performance of listed companies after refinancing, and, accordingly, provides some proposals to develop and perfect our refinancing market.This paper includes 17 tables, 2 charts, 4 formulas, 48 references.