| As an important channel of listed Corporation to raise funds, equity refinancing has been rapidly developed in China in recent years. Equity refinancing amount has been risen from the original 8.16 billion yuan to 335.41 billion yuan, since our country opened equity refinancing market in1993. It increased more than 40 times in twenty years. At first, China’s equity refinancing model was only the rationed shares, but now it gives the first place to directional issuance, and partly develops public offering,rationed shares, Convertible bonds, which creates a new equity refinancing situation.However, many scholars, who studied the impact of equity refinancing, have drawn the conclusion that the listed Corporation decline in the performance after getting financing. And the study about how the different equity refinancing mode influence the performance of enterprises and its efficiency is still absent. Through the combined method of theoretical and empirical analysis, the paper researches four kinds of equity refinancing performance changes before and after the analysis of the mode of financing, in order to understand the four kinds of re financing mode of financing efficiency and the influence on the performance of listing Corporation.First of all, on the basis of summarizing the domestic and foreign scholars’ researches about the financing effect on corporate performance of the equity, the paper summarizes the equity refinancing theory and performance evaluation methods; Then,the share of Chinese listing Corporation financing situation and four equity financing status and the differences are analyzed; Finally, the study sets all listed Corporation financing in the a share market as the research object, which can be divided into public and private placement of shares and the issuance of convertible bonds, and the paper selects the main business profit margin, return on net assets, earnings per share, the growth rate of main business income and net cash flow from operating activities per share to measure corporate performance’s change, at the same time, the paper conducts independent samples T test and median Wilcoxon rank sum test for the mean of performance change of adjacent two years; In addition, this paper also analyses horizontally,aiming at the four kinds of refinancing mode of horizontal comparative analysis, in order to understand the different ways of financing efficiency and impact on the operating performance of the listed Corporation.The study finds that the equity refinancing companies generally are enterpriseswhich growth began showing a worsening trend, and the equity refinancing can stimulate the growth of income in a short period of time. And the use of financing efficiency is not high under the four modes. The financing business performance declines overall in financing, and after the first two years, it decreases the most, and begins to recover steadily in third years. In this process, public offering falls the most obvious, and convertible bonds decline the smallest, and rationed shares and directional issuance take the second place. The study also finds that choose to open additional financing of enterprises which choose to public offering generally have the strong profit ability, and the enterprises which have directional issuance are always developing with potentiality. The enterprises which need rationed shares and convertible bonds financing are mainly the lack of further impetus to the development of enterprises. According to the analysis conclusion, the paper puts forward suggestions from two aspects of national policy and decision-making, in order to implement capital market’s efficient allocation of resources better. |
