The Reference Of Stock Price Trend To Investment After Falling Below The Issue Price Of Listed Companies

Since 2006, China Securities Regulatory Commission promulgated and implemented the"Measures for the Issuance of Securities Issuance by Listed Companies", because the purchase has the approval process is shorter, the stability of financing for a long time, the threshold is rather low and it has certain advantages, such as at a discount for investors by listed companies and investors. Private placement developed rapidly from 2014 to 2016. Actual number raise only 281 times in the whole year of 2013, the actual scale of raised 344.018 billion Yuan, the actual number to raise 794 times throughout the year 2016, the actual scale of raising up to 1.800899 trillion Yuan, a 423.5% increase over 2013, created the record. However, due to a variety of reasons such as the changes in the market environment and the company fundamentals, the increase in secondary market stock price fell below after the implementation of price of "targeted secondary break phenomenon". Along with the increase in the number will increase the number of times and will increase the size of the mounting, break phenomenon also became more frequent. Most of scholars both at home and abroad research breakthrough point for increase announcement of announcement effect, and the results after the purchase of listed companies, and the starting point of this paper is a private placement before release appear break phenomenon is a novel.In this paper, from 2014 to 2016, China's a-share market after the introduction of the purchase to the release date of break the company's share price of statistics and screening, and the sample data is divided into 2014, January 1 to May 31, 2015 bull market phase, June 1, 2015 to February 28, 2016 bear market phase and on January 1, 2014 to February 28, 2016, the whole sample stage, select the biggest break ratio, proportion of big shareholder participation will increase, increasing the scale and total market value proportion to the size, the current market,gross profit margin, return on equity, the Shanghai composite index, the nature of the enterprise,eight independent variables, using SPSS software for multiple linear regression, analysis to the release date after the break the biggest gain of related influencing factors. Research has shown that the bull market phase, the largest proportion of break, gross margin, the Shanghai composite index over the same period, applies, the nature of the enterprise, the five variables and constants is significant. Bear market phase, the largest proportion of break, will increase the scale and proportion of market value, the circulation market, the Shanghai composite index over the same period, applies the five variables and constants is significant. Under full sample interval, the largest proportion of break, circulation market value, gross margin, the Shanghai composite index over the same period, applies, the nature of the enterprise, six variables and constants is significant.Using multiple linear regression equation of whole sample data to make the best fitting effect, or more significant variables. Reason may be that the sample data quantity is larger, the multivariate regression can well eliminate market environment and the influence of other factors on the regression results. According to the conclusions, the paper puts forward the investment strategy based on directional issuance break phenomenon advice, has strong practical significance.