The Relevant Research On Private Placement And Earnings Quality Of List Companies

Since the 1990 s, our country’s securities market obtained a rapid development.In 2006 the implementation of the success of the reform of share-trading reform, promote the healthy development of capital market in China,which in a certain extent helping to solve the problems of nature and institution in the capital market.State-owned listed companies, however, the legacy of such problems as "the single-large shareholder " has not been fundamentally solved, some listed companies invade the interests of minority shareholders behavior occurs frequently and becomes more concealment and complexity.One of the effective measures to solve these problems is private placement,which has become the main method of equity refinancing to our country listed company of state-owned company legacy by its success rate and the advantages of flexible.State-owned listed companies accomplish the group’s overall listing,which lead the shareholders’ interests between standard convergence, reduce the listed company of financial information window dressing and the manipulation of financial surplus.Aiming at the correlation between private placement and the earnings quality of list companies,this article will explore the private placement of listed companies and the correlation of earnings quality by using normative analysis and empirical analysis, comprehensive analysis. The research content of this article covers five aspects, including the introduction,relevant concepts and basic theory, correlation regression model of private placement and earnings quality, empirical analysis and conclusions. In the theoretical research part, this paper expounds the efficiency theory, transaction cost theory, the relevant content of control theory.In the model building part, through the analysis of the influence of private placement and surplus quality correlation factors, put forward three hypotheses,and then construct the multiple regression model.In the empirical analysis part,using descriptive analysis, correlation analysis and multiple regression analysis to the financial data from 2011 to 2013 in the stock markets of Shanghai and Shenzhen listed companies,then verify the assumption and relate the conclusions. Private placement has a positive influence to improve the earnings quality of listed companies.The higher proportion of large shareholders, the better earnings quality of listed companies.The market-oriented behavior more specification, connected transactions of reduce to improve the earnings information quality of listed companies. Earnings quality of listed company ownership of state-owned properties superior to other properties of the listed companies.In view of the research conclusion, respectively from national policy, the listed company, the relevant laws and regulations, etc., put forward some suggestions for perfecting consider it repeatedly financing behavior, make every effort to enhance and improve earnings quality of listed companies in our country has certain reference value, and for the future research direction to put forward the corresponding suggestions for improvement.