Research On The Change Of The Listed Companies' Refinancing Committed Investment Projects

Optimizing the allocation of resources is one of important functions of capital market, it can help companies collect necessary funds for development. Many listed companies have got opportunities for sustainable development through refinancing. However, in recent years, lots of companies change the committed investment projects seriously after refinancing. It is harmful for small and medium-sized investors'interests, and distorts the stability and healthy development of China's capital market, these problems cause the securities regulators, economists and related parties'attention.Under the background described above, the paper uses methods of theoretical analysis and empirical testing, on the base of reviewing the empirical research and related theory, uses objective data to analyze the present status and reasons of change of committed investment projects after refinancing. The paper has made an empirical research on the influencing factors and the impact on company performance, the results show that: the degree of product market competition significantly positive correlates with the change's probability, market-oriented process, the proportion of independent directors and asset size significantly negative correlate with the change's probability; Whether change, whether invest specific projects significantly negative correlate with company performance, the size of change significantly negative correlates with company performance, it shows that the change of committed investment projects after refinancing is certainly in the context of "investment decision-making adjustment behavior ", adjusts better, performs better, but frequent changes will cause high cost and low performance. Finally, this paper has made suggestions that we should strengthen the management and governance on the raising money, perfect the regulations and related laws and strengthen the corporate governance. This paper provides reference for improving the efficiency of the financing capital's use and the development of the capital markets.