Study On The Performance Influence Of Listed Companies' Equity Refinancing Before And After The Share Reform

In recent years, equity refinancing is popular in China's capital markets, but it is uncertain what its performance impact is. Foreign scholars have achieved a more fruitful research results in the field of corporate finance, but these results of foreign countries can not be directly applied in China's special capital markets. China's current empirical study of listed companies'performance of equity refinancing is focused on the time before the split share structure reform (2004 and earlier), and after the split share structure reform the relevant studies are very less, while before and after the share reform the comparative study of the performance on the impact of equity refinancing is very much lacking, in view of this we do this study. Through this empirical analysis, we found either before or after the split share structure reform through horizontal and longitudinal comparative study methods, the performance after the listed companies carry out equity refinancing has a negative impact on some degree compared to those selected companies according to a certain method of matching sample, but the performance is better after the split share structure reform. The split share structure reform did not change the decline of the performance of the refinancing company and it is not the main factor of making the refinancing company worse, but it has played a certain positive role; The size and the pre-refinance asset-liability ratio of the refinancing listed companies also have a certain impact on the performance of the company after it carries out the refinancing.