The Empirical Research On The Influence Of Equity Refinancing On The Performance Of Companies

Corporate finance is usually adjusted to meet the corporate strategy, industrial expansion, cash flow and other needs, whether it is reasonable and the company’s future financing of sustainable development are closely related. Financing can be divided into internal financing and external financing; external financing is divided into debt financing and equity financing; equity financing is divided into initial public offerings (IPO) and equity refinancing; equity refinancing consists of seasoned equity offerings righting issues and convertible bonds. From the financing account for the proportion of total financing to the financing company can analyze the structure and financing preferences.The purpose of this paper is to study the relationship between the equity refinancing policy and performance of the company after the refinancing. The equity refinancing policies, methods and behavioral characteristics of refinancing, financing performance combine. And try to answer the following questions:(1) Under the special system background, the relationship between the equity refinancing policy and performance of the company after the refinancing.(2) Equity refinancing policy on enterprise performance changes affect whether exist? (3) If it does, is positive or negative, in the short term or long term? (4) Evaluate the rationalityof equity refinancing system and its role? For perfect equity refinancing system, and promote the healthy development of the capital market, safeguard the interests of investors and realize the optimal allocation of social resources is of great realistic significanceThe logic of this idea as follows:Equity financing change regulatory regime will inevitably affect the choice of financing, and different methods of refinancing will have different impacts. First points time comparative analysis the relationship between refinancing methods choice and equity refinancing policy changes, meanwhile analysis of the refinancing policy trends and characteristics. Then according to above analysis, combined with the reality of China’s capital market, analyse the important factors those are the impact equity refinancing company performance, and analysis its rationality. Then from four aspects to propose the hypotheses, reuse regression model testing hypotheses. According to the research ideas, this article is divided into the following sections:ChapterⅠ:Introduction. This paper is the introduction of research background, writing thinking, framework structure and research methods.ChapterⅡ:Literature Review. Comprehensive review and evaluation of domestic and foreign equity refinancing of listed companies and corporate performance studies. Mainly from two aspects:On the one hand is after equity refinancing trend of the company’s performance, On the other hand is the change tendency of the explanation. Then on to domestic about refinancing policy and company performance reviews and evaluates the article. Pointed out the shortcomings of the existing research paper, clear research object.ChapterⅢ:Companies achievement influence factor analysis. Through refinancing situation and to equity equity refinancing policy analysis, put forward the four policy factors which influence the company performance. But at the same time, the main factors of influence the company performance as the control variables to research.ChapterⅣ:hypotheses and research design. According to theoretical analysis in the previous chapter proposed hypotheses, screening identify research samples, and shall be defined for each variable description.ChapterⅤ:An Empirical Study. The data into the model regression results, will return to the results and research hypothesis inspection.ChapterⅥ:Conclusions and policy recommendations. In the analysis of empirical results on the basis of conclusions of this study, mainly from the equity refinancing eligibility assessment system after the use of funds and increase the intensity of the two aspects of regulatory policy recommendations, noting that the contribution of this paper and inadequacies.