Capital Structure, Ownership Structure Of Listed Companies Of The Empirical Research Of The Rights Offering

Using the equity offerings in Chinese market as the research subject, this paper empirically investigates the relationship between stock price, capital structure and ownership structure. Evidences found in this study are not consistent with the theory of market for corporate control.This paper includes three chapters as follows:Chapter 1: Introduction. This chapter reviews the theory of capital structure with emphasis on the theory of market for corporate control. On the basis of introducing the theoretical origins of the theory of market for corporate control, this chapter also discusses the theoretical models of market for corporate control and some empirical researches related.Chapter 2: Research Methodology. In accordance with the theory of market for corporate control, this chapter raises three hypotheses. To test these hypotheses, market adjustment method is adopted to determine abnormal returns. In addition, Chi-square test and regression analysis are both used to examine the relationship between stock price, capital structure and ownership structure.Chapter 3: Empirical Result and Discussion. This chapter summarizes the empirical findings and comes to a conclusion that the theory of market for corporate control is not applicable to Chinese stock market. The reverse result may be attributed to the inefficiency of the market for corporate control and the characteristics of microstructure of stock market in China. Besides these, some limits of this study are also mentioned.