Empirical Research On The Stock Performance Of Private Equity Placement In Chinese A-share Market

This paper selects2011to2013three years, the successfulimplementation of private placement of449A shares of listingCorporation, using event study method, respectively, from the boardof directors approved by the SFC announcement, announcement,announcement data21trading days before and after the threeannouncement, average abnormal returns were calculated, theaverage cumulative the abnormal return, cumulative abnormal return.The three average abnormal return announcement day rate wereanalyzed by T test, the same three announcement according to timesequence [-1,1],[-5,5],[-10,10];[-10,0],[-5,0],[-10,-5];[0,10],[0,5],[5,10] cumulative abnormal returns rate of T test, and thenselect the most obvious significant level before and after an announcement stock cumulative abnormal returns for multiple linearregression, regression factors respectively according to the pricepressure hypothesis, financial leverage,free cash flow,ownershipstructure effect,asymmetry hypothesis, proxyhypothesis,takeadditional orientation ratio, asset liability ratio, freecash flow per share, the top ten shareholders ratio, subscriptionobject, subscription.The conclusions obtained in this paper are:1) theimplementation of China’s listing Corporation short-term stock priceeffect of additional orientation significantly positive;2) the board ofdirectors announcement on stock price effect is significantly positive,the three or four days before and after the publication of theannouncement abnormal returns rate was above0;3) largestshareholder participation subscribe orientation and the issuance ofadditional directional way through assets for the impact onshort-term stock price is the most remarkable effect.