The Study Of Factors Affecting Listed Companies' Stock Non-public Discount

Non-public also known as "private",is a way of financing to issue shares to specific investors.Before 2006,the main mode of equity refinancing of listed companies in our country as the rights and public rights,the measures for the administration of the issuance of listed companies in the current year after enacted,non-public gradually become enterprise important financing way.By the end of 2017,the Shanghai and shenzhen two city a-share listed companies were conducted 6391 equity financing,total financing scale has reached10.734314 trillion yuan,including private line number for 3806 times,raised 7.0039628 trillion yuan.In the process of non-public stock,discount rate is the focus of the parties,and three-fair principles can implement the key problems in non-public.Therefore,as the non-public is widely used,discount academia as the way of equity refinancing gradually become a key problem.On the basis of forefathers' research,this article selects 2006 to 2017,complete the non-public stock of a-share listed companies as samples,based on the principal-agent theory,liquidity compensation theory,market regulation theory,the theory of information asymmetry on the influence factors of the listed company stock non-public discount the theoretical analysis,using empirical method of multiple regression test correlation with discount rate with each of the variables.Based on the research purposes and predecessors' studying results,this article selects the explanatory variables include large shareholders' subscription ratio,proportion of institutional investors subscribe,lock on a regular basis,stock price volatility,market trading volume and raise scale as indexes.Empirical studies show that the big shareholders the higher the percentage,the lower the stock discount rate.The explanation variables are negatively related with the discount rate,indicates that large shareholders can truly account for the long-term development of listed companies,is more sensible to non-public behavior,but does not rule out some big shareholders exist by manipulating price for individual self-interest,and the "outsiders" in the process of non-public shareholders constitute infringement behavior;Institutional investors subscribe ratio are negatively related to the stock at a discount rate that reflects the institutional investor to individual shareholders "readers" behavior of the brakingaction;Represented by lock-up period,the share price volatility with discount rate was positively related to the level of liquidity and lock-up period to the influence of the discount rate highest level;According to the degree of information asymmetry,raise scale and discount rate is also a positive correlation,the higher the degree of information asymmetry,the higher the discount rate.Therefore,non-public discount is affected by buying subject subscription ratio,degree of supervision,level of liquidity and information asymmetry factors.to solve these problems,this paper finally put forward some policy Suggestions.The paper to the CSRC the latest revision of the implementing rules for the non-public shares of listed companies as the research background,follow the "consider" hot research topic at present,compared with previous studies,this article through Wind tidal wave stock software and website information,collect a large number of sample data;Authoritative research summary,this article will ever consider the six factors of the analysis of the affecting the discount rate is more comprehensive.In this paper,the research and conclusion helps to enrich and perfect the existing literature thought.This paper reveals the main factors that influence the discount on the basis of the proposed specification "consider" concrete proposals at a discount,the refinancing behavior of listed companies in China for the correction,consummates our country stock market has certain positive meaning.