Empirical Research On The Efficiency Of Equity Rifinancing Of Chinese Listed Firms

In China Equity refinancing means rights issue, seasoned equity offering, convertible bond. In China the scale of equity refinancing and equity financing has become bigger and bigger, and the proportion of equity refinancing to first equity financing fund is also in the up trend. Equity refinancing fund and the IPO fund are kind of the same, which indicates that equity refinancing has already become the main approach for China stock market to issue the resource. However, the scholars and investor criticize the efficiency of equity refinancing fund and some behavior which do harm to the medium investors' interest.This paper firstly constructs an evaluation system based on principal components, which is relatively suitable to assess the performance of equity refinancing; secondly use this system to analyze the performance of equity refinancing. Meanwhile, research has been done on the discipline of the company's performance under different situation, having discovered that the performance of equity refinancing has related to the time, the longer the time, the better represent of the function of equity refinancing. Besides, with the comparison between different ways of equity refinancing, a conclusion has been drawn that Convertible Bond is the optimal choice.