The Research Of The Influence Of Private Placement On The Corporate Performance

Since 2006 the successful completion of the split share structure reform, and the Commission issued the "Measures for the Administration issued s ecurities of listed companies," for the the placement itself has many advantages, the private placement gradually become Chinese the most popular way to equity refinancing, regardless of the number or size of the financing companies are the most in history in 2014.However, the rise of private placement in China is not a long time, the corresponding laws and regulations, audit system and supervision and so is n ot very robust, and China’s securities market has its own characteristics, which means that foreign scholars and research can not be fully applicable to the Chinese capital market. Currently domestic scholars focused on placement in the private placement motivation before, the interests of major shareholders delivery, issued at a discount, the announcement effect of private placement, but the study on the impact on the company’s performance is little. The only study also focused on the analysis of changes in the overall operating performance before and after the issuance by the factor analysis, the placement of the elements as set by the target, set by the price, set by the way, will increase the use of private placement Correlation of insufficient performance. After several years of development, the private placement has high frequency, rational, thus t hinning the private placement has practical significance of the impact on the performance of listed companies.In this paper, we choose 348 listed companies which implement a private placement in 2009 to 2011 as research samples, collected their 2008 – 2013 relevant financial data, according to the private placement, through the establishment of regression model to study whether the largest shareholder in the private placement participation, ownership nature of the largest shareholder, major shareholder participation, discount level, purpose of other means of performance of listed companies, the following conclusions: 1) private placement of listed company’s operating performance compared with the previous year set by both improved, but the effect was marginal decreasing trend; 2) large shareholders and investors to participate in related performance of listed companies private placement have promoted, but not significantly; 3) the degree of improvement in the performance of the company after the private plac ement representing private enterprises State-owned enterprises better, but not significantly; 4) major shareholders of non-cash assets to subscribe for additional shares of the Company’s performance was significantly better than the company in cash subscription, the results significantly; 5) Participation in higher issuance price, after issuing results the better the performance; 6) to raise funds for the company’s performance of assets restructuring and other extension and expansion formula set by the obviously superior to supplement working capital and other endogenous growth formula set by the company.Innovation of this paper is to select the full effectiveness of the data were studied in the largest shareholder of the private placement is involved, the nature of the ownership of the largest shareholder, major shareholder participation, will increase use other means to influence the degree of discount performance of listed companies, the refinement of the directional additional research on the impact of the company’s performance. And from the constant increase in use, it will be demonstrated by the way the two dimensions of the reorganization of assets, the Group’s assets into the formula set by the extension and expansion of the company’s improved performance was better than supplement cash flow and other endogenous growth set by the formula.