Study On The Post-SPO Performance Of Bio-pharmaceutical Listed Companies

Refinancing is an important way of complementing fresh blood for the comtemporary corporations. And the efficiency of refinancing is closely bound up with the sustainable development of the company. As an important way of refinancing, Secondary public offerings (SPO) plays an important role in the fast-developing and resource reorganizing of the company. Also it is of great significance to the optimization of the capital structure and economic growth of our country.For the great importance of refinancing, whether SPO is applicable for all the listed companies and available in winning great market returns? The importance of SPO in the comtemporary capital market triggered research boom of its efficiency. Nevertheless the results of the research divergents at home and abroad, an uniform conclusions is hard to reach. To some extent, the reasons might have some relations to the efficiency of each country's capital market. But most important is the attitude how each country's listed company treat with SPO:a necessities for development or a way of fund gathering.On the basis of the above considerations, this essay choose Bio-pharmaceutical industry to study the impacts of SPO on the long-term performance of the listed companies. Firstly, a review of the research literature at home and abroad is made. Secondly, a systematic comparative study on the evaluation techniques of the listed company is made. And we found that EVA is the most suitable way of assessing the long-term-performance in this thesis. Thirdly, for the universality of the results,we made the research samples as much as possible and the study period as long as possible. As well as matching analysis and some multivariate statistical analysis methods are used for complementing a comprehensive assessment of the post-spo performance of the bio-pharmacertical industry is made. Conclusion indicates that the post-spo long-term performance deteriorates, which is consistent with the results of research literature abroad. For the reasons might be the impure motives and poor service efficiency. Finally, combining with the management policy of our country's refinancing, for the problems which exposures in the process of implementing SPO, we proposed some valuable advices for improving the efficiency of SPO for the listed companies for reference.