Empirical Research On Stock Price Effect Of Listed Companies’ Rights Issuance

China’s financial market has experienced more than10years of wind and rain, has beendeveloping continuously improve, standardize the financial market of our country, to providea healthy environment for the development of China’s economy. Financial marketconcentration as an investment and financing, it is perfect to our country’s investment andfinancing behavior.For listing Corporation, the financing means there are many, the most common shares,the issuance, debt financing. In theory, debt financing is better than that of stock financing,but some listing Corporation in China is difficult to directly from the bank or the creditors toobtain funds, so choose low cost allotment financing, so in the beginning of this century theprevailing financing listing Corporation. From1993to now, in China’s financial market shareis still a "hot" financing. Many scholars through empirical analysis, found the allotmentbehavior influence dividend distribution, asset loss and large shareholders erosion smallshareholder rights and a series of problems, thus offering behavior have a negative impact onthe stock price conclusion. However, with the development of our country’s securitiesmarket, the financing behavior gradually standardized, rigorous, China in2005theimplementation of equity division reform. With China characteristics in the environment ofmarket economy, the behaviors in rights offering price or whether to have a negative effect, isthe focus of the investors concern. Therefore, to explore the behaviors in rights offering wouldnot affect the stock price, problems show what trends, practical significance.Scholars at home and abroad stock price announcement effects of financing agreementwith the results of negative effect. Some domestic scholars to have China characteristics ofthe market economy as the research background,工作found the price announcement effectmay be positive,2005implementation of split share structure reform and perfect ownershipsystem, which is worth further study.Based on domestic and foreign financing theory as the foundation,闻summarizes thedomestic and foreign scholars to study the financing problem of various rights, empiricalanalysis of stock price behaviors in rights offering announcement effect and the influencingfactors of the stock price. Select the101listing Corporation of2003～2004and2006～2013were analyzed, by event study analysis and regression using SPSS and EXCEL software, theconclusion is:(1) the implementation of equity division reform to a certain extent solved theproblem of share placements running, so that the rights of the stock after the show stable or even rising trend.(2) in addition to the behaviors in rights offering will affect the stock price,the non circulation stock shareholder rights and whether the trend of the stock market are twoimportant factors that influence the stock price fluctuation.Compared with the domestic research results, this study has the following opinions:First, empirical research and theoretical research combining. Based on domestic andforeign financing theory as the foundation, proceed from the allotment motivation, to analyzethe current status of China’s financing, a rights issue of enterprise for empirical research for2003～2013by using event study method, the allotment behavior will produce theannouncement effect on stock price and the factors affecting the stock trend analysis.Second, increase the research object. In view of the domestic research on the financingproblem of rights, the rights for the price impact of the empirical analysis. Although thedomestic research on the influencing factors of stock price, but the research object haveomission, need to add the object of study. The author considers the non circulation stockshareholder rights and whether the market for the existence of stock is of the significance.Third, the new conclusion. Financing is an important issue for enterprises need to face.What is the purpose of corporate shares, to raise funds to invest in what, whether the nontradable shares reform impact on the Rights shares, shares announcement effect, the enterprisefinancing and equity division reform has a very realistic significance. The author concludedthat the split share structure reform effect and the allotment of shares announcement effect,some new conclusions, worth learning.In the course of the study there are still insufficient: sample data missing and not takinginto account the industry for the price impact.