The Operating Performance Change Of Chinese Listed Companies With Seasoned Equity Offering

Since 1998,the seasoned equity offering(SEO) has developed rapidly.Because it has large collection and few financial guidelines,it is favored by many listed enterprises, and the amount of SEO is expand.Especially since 2002,the makeup of financing changed fundamentally.It has become one of important ways to re-financing in Chinese stock market.But many directorates didn't think over the relation among the collection, finance,asset,capital stock,the aim of development,the ability of management,the cycle of item,the foreground of market and so on when make decision.Some companies' outstanding achievement descends.So after SEO,the operating performance of listed enterprises is also a hot topic which the public pay attention to. Many domestic and foreign related researches are developed,but we always do not have a consistent explanation about operating performance change and their reasons.Around this background,we conduct the comparison research about Chinese listed companies between pre-SEO and after-SEO.And we discover the possible reasons that influence operating performance change.To begin with,this article sums up the theories of SEO.Then review the research achievement of SEO.After this,it introduces a new guideline of evaluating the operating performance- EVA.In base of this,it develops research about operating performance change of SEO,using EVA and EVA-Spread.And we find that the operating performance of Chinese listed companies deteriorates obviously,then it finds the reasons that leads to the deterioration,through the regression analysis to the characteristic of companies and SEO.Finally,it makes the thorough analysis to the above research results and gives the countermeasures and suggestions about how to improve the financing effect.The research result of this article gives us a good theory instruction about how to improve the effects of SEO.This is not only good to the improvement to companies' management benefts,but also good to the development of Chinese stork market.