The Empirical Research Between Equity Refinancing And Business Performance

Modern financial theory thinks that the management target of the enterprise is to realize the maximization of enterprise value, normally, the company will take the retained earnings in the financing retained earnings, debt financing, external equity financing order, in order to maintain a reasonable capital structure. In our country, because of the share-trading reform, corporate governance structure chaos, regulatory means is backward wait for a reason exists, a listed company’s equity re-financing fund using efficiency is very low, and the prevalence of equity financing preference. Refinancing is listed company following the IPO (initial public offering) to obtain funding a way,08years of peace, at the beginning of the huge refinancing trigger A stock market of the huge decline makes equity refinancing of listed companies to once again become the focus of public opinion, again financing in the capital market of our country can scale and IPO (for the first time public offering) scale comparable, but the refinancing of listed companies after the operating performance is a controversial topic of scholars at home and abroad, has not yet formed a systematic theory. This paper choose the full circulation times equity again financing as the research object, using empirical methods to equity refinancing of listed companies operating performance after research, analysis of equity financing of Listed Companies in China is conducive to the improvement of the performance of, at the same time for China’s listed companies equity again financing policy and financing options available the proposal of a few feasibility.Based on the analysis of the total current age of the listed companies in China equity financing status again, on the basis of model building, with the increase of the match in2007listed company as the research object, placement of shares of listed companies by year, by allotment year, three years after allotment five year changes in operating performance, the changes its main business income, advocate business wu income growth, net profit and net assets yield statistics and descriptive analysis, analysis equity financing these indicators again before and after changes. And select the2006-2008A share market increased the rights of316listed companies as A sample, using factor analysis method, from debt paying ability, profitability, operation ability, capacity development and capital structure this five aspects related financial index selection, and separately calculated the match of the listed companies in the match, A year before the match after match that year and add two years of business performance score, inspection before and after the match the business performance of the change, the study found that the equity financing and again no real improve the performance of listed companies, but fell. The main reason is financing mechanism defects, the listed company of earnings management and big shareholder control, and finally puts forward relevant policy Suggestions:to strengthen supervision to raise money, perfect company management, improve the quality of listed companies and promoting the development of information disclosure of enterprise bond market.