Empirical Study On Influence Factors Of Returns In A Share Listed Companies Which Conduct Private Placement

In recent years, private placement in A share listed companies is getting more and more and became as the focus of investment. Private placement is an event of listed companies, whether it will have an impact on the share price of the listed companies? What are the reasons of these effects? What are the main influencing factors? These are the main questions this thesis attempts to explore. This thesis collects statistical data of private placements in A share in 2010- 2014. Firstly it introduces the recent developments of the private placement in A share listed companies. Then, private placement is divided into three different stages, which are the planning stage, the implementation stage and the locking stage. And the influence factors on investment return in each different stage are analyzed.In the planning stage and implementation stage of private placement, this thesis selects 5 factors- the project type, the participation of controlling shareholder, the pricing mechanism, the equity scale before the placement and the placement scale- to analyze the investment return. In the locked phase, this thesis selects 4 factors – realized return in the planning stage and implementation stage, the minimum price premium rate, the discount rate on issuance day and private placement investors – to analyze the investment return. Finally this thesis concludes some useful advice to investors in the secondary market.