Research On Short-term Stock Price Effect Of Private Placement

Although the private placement of China's securities market has developed and launched a decade since 2006, and the research literature of short-term and long-term stock price effects of listed companies private placement are both exist, but the overall number of literature is still small, capable of in-depth research of literature is even fewer. Currently private placement has become the primary means of refinancing in our country's stock market, accounted for over ninety percent of the total amount of refinancing. Therefore, it's will be very necessary to deepen the related theories and summarize experiences of private placement.This article aims to research the short-term stock price effects of listed companies private placement. The main research of the following three aspects:How is the short-term stock price effects of listed companies private placement; The stock price performance difference between the mergers and acquisitions type private placement and financial financing type private placement; The stock price performance difference between the controlling shareholder and its related parties involved in private placement and no controlling shareholder and its related parties involved in private placement.This article use the normative research and empirical research, qualitative and quantitative research combining research methods. Normative research do theoretical analysis mainly in the optimal capital structure theory, agency cost theory, monitoring effect theory, asymmetric information theory and the theory of growth opportunities as the theoretical basis. Empirical research mainly adopt Event Research. First, proposed the hypothesis, second, select the sample, determine the event day and research time window, third, definition of research variables, fourth, construction research model, finally, do empirical analysis by use a series methods of P test, descriptive statistics, multivariate linear regression analysis and robust test.This article do systematic theoretical and empirical research of the private placement short-term stock price effects from the view of different fund-raising purposes and different release objects, enrich and improve the theoretical explanation of the short-term stock price effects of listed companies private placement, come to different conclusions. At the same time, this article is conducive to provide reference for China's securities regulatory authority when they formulate policies and regulations, is conducive to take advantage of their own reasonable needs for listed companies when they do private placement, also provide a reference for investment in small and medium investors when they face the private placement event.This article has three innovations in the research process:the study sample have long span of time and quantity sufficient; breakdown the study sample of private placement; carefully design robustness test.