The Research Of The Infulence Of The Asset-injection Of The 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 is sued securities of listed companies," for the the placement itself has many advantages,the private placement gradually become Chinese the most popular way to equity refinancing.There are some phenomena in this process,the asset-injection of the private placement of the largest bigshareholder is one of them.Through the private placement,the largest bigshareholder could put good assets into public company.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 not very robust,and China's securities market has its own characteristics,which means that foreign scholars and research cannot be fully applicable to the Chinese capital market.In this paper,we choose 754 listed companies which implement a private placement in 2007 to 2012 as research samples,collected their 2006–2014 relevant financial data,according to the private placement,through the establishment of regression model to study whether the asset-injection of the private placement,the quality of injected assets,ownership nature of the largest bigshareholder,government intervention,market degree,purpose of other means of performance of listed companies,the following conclusions: 1)asset injection privation placement of the Company's performance was significantly better than the company in cash subscription,the results significantly;2)injection-related assets of the company's performance was better than the non-injection-related assets of the company's performance,the results significantly;3)the performance of the private enterprises after the asset-injection of the private placement was better than state-owned enterprise,but not significantly;4)the stronger the degree of government interve ntion,the worse the performance of the state-owned public companies after the asset-injection of private placement,the results significantly;5)the stronger the degree of marketization,the better the performance of the state-owned public companies after the asset-injection of private placement,the results significantly.Innovation of this paper is to select the full effectiveness of the data were studied in the asset-injection of the private placement,the quality of the injected assets,the nature of t he ownership of the largest bigshareholder,market degree will increase use other means to influence the degree of listed companies' performance,the refinement of the directional additional research on the impact of the company's performance.And the pape r explains the performance of the asset-injection the asset-injection of the private placement is negatively associated with the degree of government intervention,with another angle by attributing state-owned listed companies' worse performance after asset injections to the government intervention.