The Research On The Relationship Between The Refinancing And Performance Of Listed Companies

Refinancing is an important source of funds of listed companies, the market economy is an important way to achieve optimal allocation of resources functions. However, China listed companies in the choice of refinancing on the way there have a lot of discredited the main reason for restricting the development of enterprises. In order to explore the relationship between China’s listed companies to refinance and business performance, the paper of the Western classical finance theory were reviewed, and the status of research showing the relationship between domestic preference refinance current research and financing options and firm performance. On the one hand the performance of listed companies after refinance has been analysis; on the other hand appeared to compare the performance of different companies for the same selected different refinancing.For corporate re-financing (issuance, allotment, convertible bonds) on the performance of listed companies in this issue, the paper selected in2008to2012to refinance (issuance, allotment, convertible bonds) listed manufacturing108company as a research sample of this article, the use of solvency (asset-liability ratio), profitability (ROE), operating capacity (total asset turnover), the development of capacity (total asset growth), shareholder profitability (per EPS) as a corporate performance (using the Wal-gravity method) metrics, regression model, using EXCEL, MATLAB, and other related data processing tools to process the data obtained in this paper, and the use of the SPSS financing before and after the financial indicators empirical analysis, the impact on corporate performance refinancing does not play a facilitating role, but to make certain profit targets and overall business performance has declined, if mindless corporate refinancing is likely to be counterproductive, making the conclusion of declining performance.Based on the comparison of the three ways of refinancing found: convertible bond financing business and the impact of certain profit targets for comprehensive performance indicators are reversed; in placement mode, its impact on the business and certain profit targets convertible bonds impact on profit targets for each case is the same, but the placement on the consolidated business performance indicators are positive; in additional refinancing, companies subject to the issuance of certain profit targets affected by the situation and the impact of convertible bonds the situation is consistent, but no positive impact on the overall performance of the enterprise, that is, before the issuance of the decline in the overall performance still fell after issuance. Based on the comparison of the three ways of refinancing bonds allows companies found to be consolidated results declined, placement of corporate consolidated results have a catalytic role in the decline in the issuance of the consolidated results of the companies did not enhance the role.Overall, another listed company’s operating performance levels decline over the financing after the financing phenomenon, indicating the presence of listed companies in China after the poor performance of equity refinancing performance phenomenon.