Analysis Of The Impact Of Listed Companies Private Placement To Its Operating Performance

As one kind of additional stock, private placement has thecharacteristics of threshold low, procedures simple, and issue simple, lowcost. Private replacement has become the first choice of listed companies inChina. In recent years, the Chinese market has raised an upsurge of privateplacement. At the same time, people began to pay attention to the impact ofprivate placement to company operation. The research on privateplacement has been a hot issue. But the recent research mainly focuses onthe rationality of the price; advertising effect, related party interestsdelivery, and so on, and lack of lucubrate study. The empirical researchwas few, especially research on enterprises groups.Based on this, the article taking financing theory as the foundation,and taking listed company directional shares of related data as the basis,used the comprehensive evaluation method to analyze the influence of our country’s listed companies issued shares of orientation to the listedcompanies achievement.In the theoretical foundation part, we introduce some common modeof financing, and then compare the advantage and disadvantage of theseveral kinds of financing ways. By this way, we can have acomprehensive understanding of private replacement. Based on this, thepaper introduces the current status of private replacement, especiallyintroduces the size of private placement, and the existing problems. In theempirical analysis part, firstly, the paper according to the requirements ofthe factor analysis method selected15financial index, and then set up thecomprehensive score model. The paper compares the performance beforeand after the private placement and the private placement listed companiesand the un-private placement listed companies. Through horizontalcomparison, we find the private placement improved the companyperformance. Through the longitudinal comparison we found the privateplacement listed companies improved obviously than those un-private placements listed companies. At last, we put forward the correspondingsuggestions for dealing with the existing problems from diversifiedinvestment, guarantee injection asset quality, and strengthen thesupervision.