A Study Of Influence Factors On Targeted Additional Discount Rate Of New Three Board Enterprises In China

Equity refinancing of listed companies are mainly private placement, public issuance and allotment of three financing ways. Placement in foreign developed capital markets play an important financing function, it has gradually developed into a major equity refinancing. Since 2006, China's A-share private placement in the market for over 10 years of development history. Decade, private placement financing has been for China A-share listed companies 2.511788 trillion yuan, accounting for 81.8% of the amount of equity financing, corporate equity has become the preferred way of A-share refinancing. In the new three-panel market, it is still the most important private placement equity refinancing. Since 2015, China's new Third Market listed companies increased rapidly, the number of the implementation of the private placement business also will be increasing rapidly. Only in 2015, China's new Third Market 2592 times implemented a total private placement to raise funds 123.8 billion yuan, accounting for 6% of the entire equity financing in 2015.Increasingly important private placement equity refinancing function by the attention of scholars at home and abroad, where the discount is issued in a private placement of common phenomenon, has become the focus of domestic and foreign scholars private placement. Discount of foreign scholars to study placement early, research scholars to the United States private placement Discount show that the average discount rate reached 20.14%. In other overseas securities markets, private placement also have relatively high discount rate. After a lot of empirical research, the reasons for foreign scholars to discount private placement behind the phenomenon do more comprehensive analysis and interpretation. Including different subscription objects for the benefit of the transport theory to explain to the principal-agent-based monitoring costs theory, risk compensation theory to explain the flow of information to gather information asymmetry theory cost recovery and so on. These theories from different perspectives on the private placement of Discount gives a different interpretation, but also from overseas securities markets to find empirical data as support.China's A-share market, there are also more common in the private placement discount phenomenon. Since 2013 China's A-share private placement corporate average discount rate of 15.4%, the highest discount rate reached 23.49% when. Research on domestic private placement although the ratio of foreign scholars study a number of late, but the domestic scholars placement phenomenon A-share market also done more research, mainly concentrated in the subscription object, and investor sentiment, the information is not symmetry and mobility and so on. Which subscribe to different objects lead to different discount rate of more research, many researchers show that China's A-share market placement obvious interest transport phenomena, there are major shareholders participate in the subscription of private placement discount rate was significantly greater than no major shareholder participation in the discount rate.Based on the summary of domestic and foreign scholars study placement discount on the binding properties of the new three-panel market, the influence of factors of the new three-panel market companies private placement discount rate, the paper is divided into six parts. The first part is an introduction, introduces the background, significance and research methods of this dissertation. The second part is the literature review of relevant literature at home and abroad by the carding, summed up the views of scholars study placement discount rate, and related theories are reviewed for the study of later played a role in drawing. The third part of the private placement were outlined, it introduced China's current A-share market and the new three-panel market on the private placement of the legal system, and the A-share market placement of features and the new three-panel market placement of features and status quo compared. From features point of view, China's new three-panel market placement more convenient than the A-share market. Whether it is the processing time, restricted period, the issue object or pricing, the new three-panel market are not strictly A-share market.The fourth part is empirical research design. Because of the provisions of A-share private placement issuance of benchmark discount rate not less than the average price of 20 trading days, the domestic scholars in the study of A-share private placement when the discount rate is usually the issue price and the discount rate is determined benchmark prices compared the reference price is usually chosen benchmark average price of 20 trading days. Determined on the base date, some scholars choose announcement board resolution, some scholars choose private placement announcement, etc., for the current academic reference date there is no uniform standard. Due to the special nature of the new three-panel market, its low liquidity and low volume makes the market price is not a fair price, when calculating the discount rate, it is not comparable. Therefore, this article in the calculation of the discount rate, the use of the pricing model for the new board to re-evaluate the stock. On the Select pricing model, taking into account the limitations of the traditional discounted cash flow model and the new board of high growth companies, selected based on the real option pricing formula BS model. This study assumed that there are five factors that affect the discount rate assumptions are mainly issued an object, use of funds raised, the degree of information asymmetry, the overall strength of enterprises, investor sentiment. In control of the asset-liability ratio of enterprises, the average turnover rate, after the private placement and the size of three board stocks index, from the above five aspects to establish an empirical model hypothesis testing.The fifth part is empirical test results and analysis section. This part of the regression model previously established, to verify the hypothesis regression. First verify the influence of large shareholders to participate in the subscription of the discount rate is significant, the empirical results showing the effect of large shareholders to subscribe to the issue discount is not significant. Drawing on Zhang Ming, Guo Siyong (2009) analysis, issued at a discount, only when the subscription ratio is greater than before additional stake, the largest shareholder in order to achieve the transfer of benefits through a private placement. Through descriptive statistics found that the major shareholder of additional stake in the subscription ratio is greater than before, and therefore the interests of transport phenomena does not exist. Secondly, examine the impact of the use of proceeds of the private placement discount rate. Currently invest in new three-panel market to raise funds to supplement working capital and including investment projects. To invest in other aspects of accounting for very small, and the nature and similar investment projects, it is also classified as investment class. Effect of raised funds for the discount rate by empirical test showed a significant discount rate used in the project to raise funds to invest significantly less than the proceeds applied to supplement working capital. Again, companies listed by private placement to measure the length of time the information asymmetry enterprises, listed companies generally longer time, the smaller the degree of information asymmetry. Empirical results show that information asymmetry significantly affect the discount rate, the more serious the private placement, information asymmetry enterprise, the higher the discount rate issue. Next, analyze the impact on the overall strength of corporate private placement test discount rate. Previous scholars in the study of the fundamentals of business information on the discount rate, usually only one or a few selected financial indicators to examine. Enterprise comprehensive strength and growth caused by many factors, the individual financial indicators is not sufficient to measure the integrated enterprise information. Meanwhile, the same enterprise between multiple financial indicators have great relevance, when the fundamentals of business information test will lead to multicollinearity problems. In view of this, this paper, principal component analysis will be issued a number of corporate financial indicators dimensionality reduction, extracted principal component factors, then calculate the enterprise's comprehensive strength. The calculated overall score of enterprise data and the discount rate regression test showed that, overall strength significantly affect the discount rate private placement. The stronger the overall strength of the enterprise, the smaller the discount rate private placement. Finally, this paper analyzes the impact of investor sentiment on the additional discount rate, the secondary market last year, according to market conversion, will be divided into two periods last year bull and bear markets, in order to analyze different periods investor optimism and pessimism discount rate impact. Test results show that the investor sentiment on the issue discount is not significant.Innovation of this paper is mainly reflected in three aspects:First, the domestic scholars only factors influencing the A-share listed companies private placement discount rate. Since the new three-panel market short history and other reasons, the current domestic research on the new board of the private placement market is still relatively small. The previous article herein creative classical theory method to the new three-panel market, the new board of the private placement discount factors were studied tentative, for the following research provides a guideline reference. Secondly, the discount rate in the calculation of the private placement, the introduction of the idea of real option pricing of company stock revaluation, the price and the actual value of the enterprise private placement are compared to measure the degree of deviation from the issue price of the real value. This analysis of the enterprise value of the investment is more informative. Finally, the financial indicators of business principal component analysis, and then reintroduced into the regression equation empirical test. This avoids the single financial indicators incomplete information, while the number of indicators and multicollinearity problems, make the results more accurate.However, due to limited capacity and energy, the paper there are still many shortcomings:First, as the new Third Market and the A-share market, there is a big difference in the foreign securities market, the classical hypothesis of previous studies the applicability of the new three-panel market is still the need for further demonstration. Secondly, because the new board placement only one year of detailed data, select the data across short period, could cause results to a large deviation. At the same time as the new Third Market protocol traded enterprise data is very small, and randomness is very large, so this article selected data, withdrawal of market-making into the enterprise data to protocol traded enterprise data removed, which may make the sample data overall enterprise features three new board representative weakened. Characterized in various aspects of the GEM and the new three-panel market is relatively close, the GEM and the new three-panel market compared to study, this may be one of the future direction of the new three-panel market research. In addition to the new board to further tap the corporate liquidity indicators set by the study of the relationship between the discount rate and will also be the direction of future research.