Research Of The Influencing Factors On The Return Of The Private Placement

Private placement as an important channel for refinancing of listed companies has achieved the rapid growth in the past few years.Some listed companies are inclined to use private placement to solve the financing needs,achieve the overall listing of the Group and expand the company's strength since the implementation of private placement threshold is relatively low.While the private placement has the high return and attracts more and more institutional investors,it isn't entirely without risk.According to the statistics,the private placement market lifted the return fell by almost half in 2016 and the number of the 'breaking' stock is getting larger.On the one hand,with the increase in the number of institutional participation,the auction becomes so intense that the fixed rate is getting lower.On the other hand a large number of private placement of the lifting of the ban makes the market under the pressure and the market volatility will in turn impact the rate.In addition,some other factors will affect the yield,such as the rate of return on investment is less than expected what will result in performance changes.In the face of the rapid expansion of the fixed market and the gradual accumulation of participating risks,we need to analyze the influencing factors of the fixed rate of return,so as to realize the rapid screening of the fixed bid so that the institutional investors can complete the participation.The research of this paper refers to the domestic and foreign scholars on the placement of the hypothesis and results,on the basis of theoretical analysis and assumptions put forward,and establish a model to verify the assumptions.The influencing factors that affect the rate of return on investment are divided into two parts.The first part is about the factors that affect the discount rate.The first factor that needs to be considered as a mechanism for private placement is the additional discount rate.The higher the discount rate,the higher the margin of safety involved in the issuance.The second part is about the factors that affect the rate of increase.In the previous studies,there was a lack of analysis of the impact of the three-year fixed rate of return on major shareholders' participation.This paper focuses on the mechanism of the effect of the variable on the fixed rate of increase in the case of institutional participation in private placement and large shareholder participation in private placement.In the discount rate model,we found that the issuance of listed companies before the issuance of asset-liability ratio,the major shareholders are involved in subscribing to private placement,pricing base date and additional listing date interval,additional listing date And the issuance of discount rates have a significant positive relationship between the major shareholders of the shareholding ratio and the additional discount rate has a significant negative relationship.In the model of yield,we find that there is a significant positive impact on the rate of return on rewards and withdraws when the institution participates in private placement.The company's total market value and the Shanghai and Shenzhen 300 book value of the rate of return to the issuance of a significant negative impact.When large shareholder participate in the case of private placement,the private placement of the discount rate and its fixed rate of return between the U-shaped relationship.The proportion of the subscription rate of the major shareholders or related parties,the compound annual growth rate of the three-year return on net assets has a positive impact on the fixed rate of return.And the day before the first day of the issue of the average daily turnover rate has a significant negative impact on the rate of return.