Research On Operating Performance Of Seasoned Equity Offerings In Logistics Listed Companies

Since the reform and opening up,China's logistics industry has achieved vigorous development.At present,the logistics industry is in an important stage of transformation and upgrading.In order to meet the needs of their own development,more and more logistics public companies prefer seasoned equity offerings to raise funds.The domestic and foreign researchers in the seasoned equity offerings operating performance research have achieved a lot,but the research sample choice dominated by manufacturing industry with large scale of listed companies,industries and areas less research literature.Therefore,this paper force on the changes of operates performance before and after the listed companies' seasoned equity offerings.This paper choose the listed companies with seasoned equity offerings from1993 to 2016 as the objects to research,and to do the research basic on the five years data of their operating performance which is the SEO year,one year before and three years after that.The research shows that a)the operating performance of public companies which choose rights issue decreased significantly,b)the operating performance of public companies which choose secondary public offering have not appeared significant decline,c)issuance convertible bonds have an influence on the operating performance of logistics listed companies and it is no significant,d)There is a significant difference between the effects on the performance of three kinds of seasoned equity offerings,e)Placement is the most effective way of seasoned equity offerings for logistics listed companies,secondly,rights offerings,and finally,convertible bonds.Basic on least angle regression,this paper analyzes the influence of rights issue,secondary public offering and convertible bonds on listed companies operating performance,which choose the average relative change rate of the SEO year and three years after to the year before SEO as the target variable and seven independent variables such as company size,equity institution and so on.This research shows thata)for right issue,the asset liability ratio is the biggest factor that influences the performance of the logistics listed companies,and the asset liability ratio and the performance of the listed companies show a reverse trend,b)the asset liability ratio is also the most important influencing factor of the performance of the SEO company,and has the same trend with the management performance,c)for the logistics listed companies that issue convertible bonds,the company's free cash flow index has the biggest impact on the company's operating performance,and presents the same direction change.