The Empirical Study On Seasoned Equity Offering Market Timing Behavior Of Listed Companies

The research about the listed companies issue new equity became a hot topic again in 2008. Did it exist market timing phenomena in the seasoned equity offering ? If it did , Which main factors influenced ?Many scholars analyzed it is only from the micro-factors, and can not explain the new equity issue favor of the listed companies fully. This paper focused on the macroeconomic factors and maked empirical research about seasoned equity offering of the listed companies, based on the actual status of China.The main content of the thesis are as follows: At first, described the status of empirical research and different methods of seasoned equity offering in detail, and the fact that the listed companied prefer issue new stock in our country, made the foundation and paved the way for the next part.Based on the actual status of China's stock market, put forward the assumption, and then through a series of empirical research methods, make empirical research about seasoned equity offering of the listed companies. The methods used are unit root test, cointegration analysis and Granger causality test and so on, and the result showed: in general, the seasoned equity offering of China's listed companies exists market timing phenomena, and its main influencing factors are themacro factors , in particular the policy factors, just like to monetary policy,refinancing policy,exchange rate and so on.Finally the paper analyzed the existing problems about the seasoned equity offering as well as the potential consequences, and proposed the great policy recommendations.