A Study On The Relationships Between Subscription Method?Offering Discount And The Performance Of Listed Companies

The private placement of listed companies is a kind of refinancing tool after the reform of the non-tradable shares.Due to its lower threshold of issuance and lower issuance cost,the private placement has broken the existing financing pattern,which was built by the IPO,public offerings,allotment of shares and other main financing methods,and become the most dominant financing way among the listed companies.On the basis of carefully combing the existing literature,this paper studied the relationships between the effect of private placement subscription methods and discounts on the long and short term operating performance of listed companies by using the method of empirical research and normative research.We screened out the 262 companies that had implemented private placement from 2011 to 2012 as the research object,and designed the linear regression model to test their relationships.This paper selected the return on net assets and earnings per share after one year of private placement as the measurement of short-term operating performance of the company,and the average return on net assets and average earnings per share after three years of private placement as the measurement of long-term operating performance of the company.In this paper,the empirical study found that:(1)non-cash subscription of private placement and the company's short-term and long-term operating performance have a significantly positive correlation,that is,if listed companies use the non-cash way to issue its private placement shares,its short-term and longterm operating results will be higher;(2)private placement discount rate and the long and shortterm operating performance of the listed companies also have showed a significantly positive correlation,in other words,the higher the discount rate,the better the company's long and shortterm operating performance will be.The arrangement of this paper is: In the first chapter,the author introduces the research background and the significance of the research,expounds the research contents and methods,and points out the research innovation of this paper.The second chapter combs the domestic and foreign literatures from different angles.The third chapter is the research design part of this paper,and puts forward the hypothesis of this paper,and introduces the research and development of the present situation.This paper constructs the multiple linear regression model from two dimensions of long and short-term operating performance,and elaborates the definition and selection of variables in detail,and introduces the data sources of the research.The fifth chapter is the empirical test and regression analysis part,including: the descriptive statistics of the research variables,correlation analysis,the comparative analysis of the company's operating performance before and after the private placement,regression analysis of the multiple linear regression model,and finally the robustness test to ensure the reliability of the results;The sixth Chapter summarizes the findings on the basis of this paper,presented research paper conclusion and points out the limitations and future research direction of this paper.