| The long-run performance of listed companies reduces following the secondary equity offering, which is named "New Issues Puzzle". As one of the most important financing channels, rights issue has vital influence on the performance of the listed companies in china. This paper selects a sample of 110 listed companies implementing rights issue during 2001-2003, and then discusses the impact of different rights issue behaviors on the performance of the corporationsFirstly, this paper analyzes the amount of rights issue. Then I conduct comparison and empirical analysis of the accounting performance and the stock return performance between the single issuing rights firms and the multiple issuing rights firms.Secondly, this study analyzes the offering behavior of the nonnegotiable shareholders. Most of the large shareholder have a large amount of shares, control the corporation and dominate the future development. So it is feasible to judge the future performance of the listed companies from the nonnegotiable shareholders' behavior in the rights issue. I investigate the accounting performance, the stock return performance and the trend of the performance around the ratio the nonnegotiable shareholders take up and the way they take up the rights issue, after that conduct empirical analysis of the result.Lastly, this paper studies the use of the rights issue funds of the listed companies, makes empirical analysis of the performance around whether the use of rights issue funds changed or not, and whether the rights issue funds are used in the specific projects.Through these analyses mentioned above, this thesis expects to provide some suggestions for the investor, and impel the listed companies to use the rights issue funds with more care and rationalization. According to the behaviors in rights issuing and its influence on economic consequence, we advise to encourage the positive behaviors, and to restrict the negative behaviors in rights issuing. |
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