Research On The Influence Of Private Placement On Listed Companies’s Business Performance

Private placement is the main equity refinancing way for listed companies to finance in the capital market, as of September 30 th, 2015, the number of private placement in Shanghai stock exchange and Shenzhen Stock Exchange is up to 2109, discoursing 1485 cases, the amount of disclosure financing is mor e than 2.33 trillion. In consideration of the important position of private placement in the capital market, domestic scholars have carried out extensive research on it. However, on the topic of private placement’s influence on listed companies’ business performance, domestic scholars have few researches and none of consistent results is drawn.Through reviewing the existing research literatures and analyzing the present situation of private placement, the author tries to combine the private place ment and quantitative business performance together, studying private placement’s effect on the business performance of the listed companies. On the guide of relevant principles such as comprehensiveness, availability, relativity, etc. and analysis of the key factors affecting the business performance, the author constructs the measurement index systems and use the way of factor analysis to analyze the impact of private influence on the listed companies’ business performance. Based on the empirical research, the author introduces the innovation research index- Banzhaf power index, from the perspective of equity structure to further analyze the impact of private placement on business performance. Based on the previous researches, the author analyzes the reasons of th e result, and puts forward the conclusions and the relevant policy recommendations for private placement.At present, private placement is in a rapid development period, research on its influence to listed companies’ business performance is meaningful for listed companies to choose the suitable way of financing, investors to rational participate private placement, regulators to improve the governance of private placement and health development of China’s capital market.