The Analysis Of Qualified Line Of Allotment Of Shares Based On Listed Company Performance

Since 90's the establishment of our country stock market, stockholder's rights financing has become one important way which the company realizes finances again. But, while the swift and violent development of stockholder's rights financing, exterior investor actually thought increases sends with the share matching is one kind of evil intention behavior that is "the circle money". In this kind of situation, securities supervising and managing department and policy formulation department in order to protect investor's benefit, optimize resources disposition to start to manage and guide the listed company's share matching behavior. Negotiable securities surveillance management committee controls the share matching through the establishment share matching capital ruled lines to go on the market company's quantity and the quality, stipulated only had satisfies the certain condition company only then to be possible to carry on the share matching in the stock market. The share matching definition conditions that negotiable securities surveillance management committee stipulated is based on the several years management achievement of company, only has the history "twists superiorly" the company to be allowed share matching financing, then this definition condition was truly has played the role which its should have is the main question which this article studied.This article through the achievements of share matching company analyzes the effectiveness of share matching capital ruled lines .This paper through discussing the related research results and theoretical analyzing by the research method of demonstration,puts forward the research hypothesis about the share matching company achievements, collects the listed company that go on the market in shanghai and Shenzhen since 2001 to 2004 as research sample, select the accountant and market target that weight company's achievements, has counted average value of the achievements target, and has carried on the average value T examination to the achievements change tendency of share matching company from longitudinal and the crosswise two angles. Finally this article carries on the explanation from many angles to the achievement change tendency of share matching company, and analyzes the effectiveness of share matching capital ruled lines in this foundation.This article findings indicated that, No matter the share matching company achievement outstanding degree has high before share matching financing, has in a big way with the market and the comparison group's disparity, after the share matching to appear glides down tendency, already developed to the market and the comparison group impartial level after the share matching second year. This conclusion simultaneously tells us: The securities supervising and managing department initially established the qualified line of allotment of shares that limits "the circle money", optimizes resources disposition, protects the investor benefit not to achieve the goal at will, its function has not certainly realized. The after achievement of the share matching company finances large scale to glide down is good proof.