The Effects Of Several Indices On The Return Of Non-public Offering

In 2016,non-public market becomes the biggest financing means in the capital market.With the improvement of the regulatory system of China’s capital market,the non-public offering of mergers and acquisitions is given special attention and frequent regulatory guidance by the supervision and management.At the beginning of 2017,the Securities Regulatory Commission announced the decision on amending the detailed rules for the implementation of non-public offering of shares of listed companies.The decision shows that regulators to strengthen the supervision of the non-public offering market.Especially for the interests of the non-public offering of shares involved in the market,the Commission restrict in the new rules.Based on this background,this paper decided to explore some indices of non-public projects impact on private yields.This paper takes 10 years of non-public offering data as research materials.Select the non-public offering plan announcement date as the base date.The index includes earnings per share,net cash flow,ROE,PERatio,PB ratio,the proportion of the issue for six of the common enterprise valuation index as a continuous variable,then select whether there are large shareholders to buy,the SRC industry classification,three indicators as the classification index.Observe the relationship between these indexes and relative returns.The relative yield is the effect of removing the overall stock market change in absolute return.First compute the correlation coefficient of the continuous variables,the results show that the ROE and PE ratio correlated,get rid of the PE ratio.Factor analysis was carried out on the remaining five continuous variables,KOM and Bartlett sphere test results show that the model is not fit to continue to reduce variables.The regression model was completed by the full model method and backward elimination method,and the t test was performed.The results show that there is a negative correlation between earnings per share and the rate of return,there is a positive correlation between the proportion of the issue and the rate of return.Analysis of whether there are major shareholders to buy,the Commission industry,the purpose of the issue,these three categories of variables,we examine the interaction between the variables based on specific business considerations.The results show that the interaction effect between the SFC and the purpose of the distribution is obvious,and the interaction effect of the above three classification variables is obvious.The regression model was constructed by using two continuous variables,three categorical variables and two derived variables.The results show that the ratio of earnings per share,the proportion of the issue and the interaction between the Commission Industry classification and the purpose of the issuance have a significant impact on the rate of return.