Placement Behavior Of Listed Companies In China, And Price Response Study

The special equity structure exists in listed companies in our security market. The shares of listed companies are divided into state shares, legal person shares, ordinary shares which can only circulation. Corporate shares are mostly held by the state-owned economic entities, which is the essence of national indirect holding. State shares and legal person shares account for 60%--70% in a total equity of approximately. The shares of listed companies are concentrated highly, and the percentage difference between disparities. In a simple majority vote, major shareholder major shareholders will have absolute control in the Shareholders Assembly which elect directors and make major decisions. Statistics show that the intention of the General Assembly of shareholders of China's listed companies has direct ratio relations with non-circulative shares. This shows that our circulative shareholders of listed companies abandon the company's fundamental right to vote. Therefore, companies are in the super-controlled state by major shareholders indeed. It is quite common that major shareholders use their control position against the interests of listed companies, and ultimately against the interest of shareholders.Since refinancing is regarded as the major means by which major shareholders against small shareholders'interests, the investors are always blaming the refinancing action. From the most common perspective of SEO, this paper researched the changes of prices of shares before and after the notice day. Using CAPM model on analyzing the market value of the portfolio yield and Beta value to certificate the company's stock performance, it shows that the variables of the classic theory lack explain ability for the unusual price fluctuations. Because classical theory assumptions are different from the objective reality of...