The Research On The Operating Performance Of The SEO Chinese Listed Companies

Capital to the enterprise seems the blood to the body, the enterprise cannot develop without the capital. Financing is the very way to meet the enterprise's demand to capital. The diversity of the ways in financing plays an important role as the guarantee of the capital supply. For the listed companies, financing comes to a multiple choices. Selling the bond to the market is the frequently used way to pool the capital, including add-issuance. Our country began the textile industrial restructuring since 1998, in order to cooperate with the asset reorganization and industrial updating, the government approved the very five listed companies (600630 and 000036 etc.) to add-issue their shares. Though these add-issuing policies are supported by the government, they also initiate a new way of re-financing. Add-issuance as the rewardful way of capital increase means a listed company sells the newly issued shares to the market in order to decentralize the stock-right, finance the capital and enhance the liquidity of the stock. The add-issuance rapidly developed in the capital market for its great capital scale and convenience without any limited demands, which strongly welcomed by the listed companies. Especially from 2002, our country's listed companies' financing structure has being changing fundamentally altered. Add-issuance probably becomes the most important way to financing instead of the conditional way——allotment of shares. Unfortunately, bunch of the listed companies seldom put the financing structure, asset scale, capital structure, capital management, coordination capacity and some other relevant factors into consideration, the performance of these companies did not play well after the add-issuance. Some scholars studied how these performance and capacity of the enterprise management go after the add-issuance. But the studies of these reasons why their performance and management change do not explain consistently well. Based on the latter background, the paper analyze the performance of the listed companies after add-issuance, find out the influences and try to make a staged conclusion.