| In 2006, private placement was appearing on the historical stage along with the promulgation of "Administrative Measures for the issuance of Securities by Listed Companies", and after two large expansion in 2012 and 2015, it has become one of the most important ways to refinance for listed company. foreign scholars have being doing research on private placement from early on and the payed a lot attention n the announcement effect, wealth effect in the long run and the their influenced factors. private placement in our country develops relatively late and the laws and regulations and the marketing environment is quite different from that in the foreign countries. the research in our country started from Zhang Weidong and was soon been lighted and covered with a wide range of areas including wealth effect, investment Efficiency and all kinds of influenced factors and the payed special attention on announcement effects and controlling shareholders’ tunneling.This thesis is doing research on the effects of private placement on the issuing company. It first tried to find out the way how the placement influences the company based on the Theory of Window Phase for Financing, Asymmetric Information Hypothesis and Agency Cost Theory and then designs a series of empirical research to prove it. The empirical study is consisted of three parts. The first part is independent T-test, which takes the listed companied that have reissued in the same year as control group to figure out the relative impact of private placement. The second part is tried to find out the influence factors and its effect degrees with the use of multiple regression model. Meanwhile the test for Multicollinearity is imported to insure the accuracy of the model. The third part is correlation analysis which emphasized on the influence of the placement in different aspects. In the end, the thesis draws conclusions according to the empirical research and proposes for the promotion of private market. |
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