An Empirical Study Of The Equity Financing Of Listed Companies In China

The academic and demonstrational analyses of western countries both prove that : the best sequence of corporations financing should be "inside financing—credit financing—equity financing". Then, what is the sequence of Chinese listed corporations when they need money because of excellent investment projects? As for the Chinese listed corporations, proportional issuance and new issuance are the two main methods of continuously re- financing from the capital market. Furthermore, making out the price of proportional issuance is an important factor when a corporation is executing proportional issuance. Then, what is the essence of proportional issuance? And which factor might influence making out the price of proportional issuance of Chinese listed corporations? How can we judge the lowness or highness of the price of proportional issuance by using the essence of proportional issuance? Through the qualification that has been modified many times by the government we could draw the conclusion that the government has been reducing the standard for proportional issuance. This is because they assume proportional issuance can optimize the structure of capital stock of Chinese listed corporations when the owners of state-owned or collectivity-owned stocks abandon the rights of proportional issuance completely or partially. Is this the fact? According to overseas research, new issuance has obvious influence on share-price in secondary market, which is called "share-price-effect". Then, in our country, is "share-price-effect" obvious? How dose it perform itself?In order to answer the foregoing questions, in the second chapter, the author collects and calculates a mass of data to confirm and measure the equity financing activities propensity that is sensed by the public. Based on the demonstrational analysis of the equity financing activitiespropensity in our country's listed corporations, this chapter anatomizes the reasons and the results of it and at last makes a discussion of the rational regress of the listed corporations equity financing. In the third chapter, first, the author comes to the conclusion that: the essence of proportional issuance is to transfer the rights of equity inside when the holders of state-owned or collectivity-owned stocks abandon the rights of proportional issuance completely or partially and the essence of the price of proportional issuance is the price of transferring the right of equity inside. Second, based on the demonstrational analysis of Chinese 45 listed corporation that have executed proportional issuance in 2001, the author comes to the conclusion through the method of stepwise. That is only one index -"the average share prices a month before proportional issuance" enters the model, while the other three indexes- "the equity of every share before executing proportional issuance", "the financing demand for the items" and "the average yield of the equity "are excluded from the model. Then the author tests the distributing of the residual of the model. The result is: the distributing of the residual is close to normal school. White's General Heteroscedasticity Test indicates that there exists Heteroskedasticity in the model. Then the author executes a logarithmic transformation of the model, and this time, White Heteroscedasticity Test indicates that there no longer exists Heteroskedasticity in the model. At last, the author introduces a method to judge the lowness or highness of the price of proportional issuance by using the essence of proportional issuance.In the fourth chapter, by using the method of T-test of partnership test, the author tests whether the structure of capital stock alters enormously when the holders of state-owned or collectivity-owned stocks abandon the rights of proportional issuance and trans-right issues leads to greater alterations than proportional issuance. The structure of capital stock alters enormously when the holders of state-owned orcollectivity-owned stocks abandon the rights of proportional issuance completely...