An Analysis Of The Performance Of The Listed Companies' Equity Refinancing

There is little study on the operating performance of listed companies after the refinancing in China, because of the shorter history of Chinese security market. This paper select the behavior of refinancing of stock right as the research object, and carry on research to its performance by way of real example, and aim to pursue the true influence of refinancing on company's performance in the listed company of our country. Then, we can offer some suggestions to government and listed companies.The first part of this thesis has reviewed the western financing theory, and the relevant research of the domestic and international scholar. Moreover, it has briefly explained the course of selecting this title and the thinking of writing.In the second part, the thesis has mainly carried on essential definition to relevant basic conception, and introduced the situation of refinancing of the listed companies in our country. In the end of this part, it compared the two main ways of refinance in some aspects.The third and the fourth part are the main parts of the thesis, and using describing and exampling methods, the two parts have separately analyzed the performance of the two refinancing ways : rights issue and seasoned equity Offering. Firstly, they study the history and current of the rights issue and seasoned equity offering in China. Secondly, the two parts use methods of theoretic analysis and empirical analysis to verify the short-term price performance and the long-term efficiency of Chinese listed companies' equity refinancing. Through the researches, we can make comparatively objective appraisal on the performance of refinancing on the listed company of our country.In the fifth part, the paper gives some recommendations based on the analysis of the rensons which cause the low performance of the refinancing of the listed companies in our country.