Our Country To Be Listed Share Matching Policy To Company Achievements Influence Research

Seasoned equity offerings (SEO) is one of the subjects that draw academia's attention. As an important re-financing mode, SEO is favored by listed corporations. However, it has become one assured fact that the efficiency of the fund is low and the corporations'performances will descent after SEO. Based on our country's special system background, and starting with the evolution process and characteristic of our country's share matching supervising and managing policy, this article thoroughly analyzes the policy's essential factors, the content of the policy and the achievements assessment method. The article makes further understanding of share matching behaviors of listed corporations in our country and defines the system background of share matching supervising and managing, it mainly contributes to the following three aspects:Firstly, a systematically introduction of computational method for the EVA value appraisal model is made with elaborated background information on characteristic of EVA management system. The EVA computation variable tabulation is designed with consideration of our country's share matching supervising and managing policy. Then the computation for the EVA value of sample corporations according to this tabulation with MATLAB is programmed, and the MVA value of the sample company in year 2000-2006 is calculated based on the EVA value appraisal model.Secondly, cases of share matching corporations from Shanghai Security Exchange A -share market are studied. In the study, the dependent variable target of the sample company are selected as EVA, MVA and the stock net assets rate; the explanatory variables are selected as the share matching proportion, the share matching price and the share matching the first ten major stockholder proportion; the control variables are selected as company scale and Industrial Indices. Results of multivariate linear regression analysis of these variables show the influence of each factor to the operation performance of the corporations. The study indicates that the worsen of the operation performance of share matching corporations do not have the scale effect; the share matching proportion has negative correlation with the operation performance of the corporations; the proportion changes of share matching corporations'top ten major stockholders have positive correlation with the operation performance of these corporations, and the share matching price and operation performance of the corporations company manage the achievements do not the notable relations. Finally, An ARMA model is built by adding lagged variables to the multivariate linear regression analysis model. The analysis indicates that the correlations of these factors are not obvious and the model obtains better quantificational conclusion. Furthermore, an important conclusion is made—the share matching behavior has a persistent effect on the share matching corporations'operation performance.