Research On The Effect Of Haier Company Refinancing

With the continuous development and improvement of China's capital market,the level of social and economic production,the demand for refinancing of listed companies is also increasing.In 1993,the "Provisional Regulations on the Issuing of Listed Companies" promulgated by the CSRC will be carried out by the refinancing of the rights issue on the stage of the bond marketin 1993.After nearly a decade,the reorganization of the equity fund has been become the main reinforcement of the refinancing.The Securities Law and the Measures for the Administration of Securities Issuance by Listed Companies in 2006 have opened up the system of additional refinancing.The issuance conditions are loose,the approval is quick and the issuance cost is relatively low,so that the listed companies are favor of it.With the continuous development of the refinancing market,listed companies were continue to appear over-financing tendencies;frequentlyto change it original-using methods;disguised investment in financial products and other financial investment and financial services;its refinancing varieties of structural is imbalance,and its structure is unreasonable;.The refinancing development of developed foreigncapital market is very experienced,but China's capital market development's development time is short,and less experience.China has a large number of scholars has a study on the issue of refinancing,but more focused on the financing preferences and a single type of financing financing performance research,the impact of mufti-category financing is less involved.In order to understand the refinancing effect and improve the problems in the process of refinancing,it is necessary to analyze the refinancing effect of listed companies in the light of the refinancing policy,the refinancing mode and the ownership structure.In this paper,I using the combination of theory and case research methods to analysis it,.Firstly,it introduced the background and significance of the topic,and the current re-financing of listed companies in China and the refinancing effect of the evaluation were introduced.Using the latest data in the situation of China's A-share refinancing market and found that allotment and issuance financing in China's refinancing market has played an important role.At the same time,it is found that the way of refinancing of listed companies is in line with policy guidance and corporatestrategic objectives.This paper chooses the Qingdao Haier Co.,Ltd.as the aiming company,which has more refinancing times and more ways in market,it also analyzes the motivation of the company's financing and financing choice,and the capital structure,financial risk and market performance before and after the financing of the company,As well as choosing the industry average as a reference,and then evaluating the effect of corporate placement and refinancing refinancing.Finally,it summed up the case of listed companies in China's revelation,which hope to give listed companies a certain reference value.The study found that the different ways of refinancing,as well as the refinancing motive,would produce different financing effects.Allotment has a greater impact on corporate capital structure.After the issuance of enterprises,the solvency of enterprises will increase.After the issuance,the funds raised will be used to supplement the solvency of enterprises with working capital.The use of proceeds raised to acquire enterprises will increase the risk of corporate debt service.After the issuance and placement of enterprises,it have a positive effect on market performance.But for the placement of shares,the higher the proportion of major shareholders to subscribe for the better the performance of the market.The increasing in market share changes more than the placement of the enterprise market share changes,after the issuance of corporate funds for the acquisition of equity than to add only the enterprise liquidity to increase the market share of enterprises.