The Empirical Research Of Private Equity Placements And Business Performance Fora-share Companies In China

Since 2006,the measures for the administration of the issuance of listed companies promulgated,our country's capital market financing scale development speed has improved,and consider the financing way with simple and low cost advantages,has been occupies an important position in the capital market.However,since 2016,our country supervision department issued a series of regulations about the purchase,from the aspects such as raising money using purpose,financing program limits the development of private placement.Since then,the case ratio of the decline in the share price of private placement companies has risen sharply,so institutional investors should rationally judge the financing way of private placement.In this paper in the first chapter,the article first bedding article research background and significance,then introduces the scholars research conclusions and achievements for the purchase of before,on this basis,put forward in this paper,the innovations and deficiencies;In the second chapter,the paper introduces the relevant theoretical basis of directional placement from four aspects:information asymmetry,supervision effect,management defense and circulation cost.Secondly,it introduces the specific situation of the increase in the origin,current situation and policy.In the third chapter,the comprehensive performance scoring model was first constructed,then eight financial indicators were selected from four aspects of the enterprise according to factor analysis,and the scoring system was established.In the fourth chapter,this paper calculates the annual average and mean of the various indicators obtained above,and USES descriptive statistics to measure the overall performance of the sample companies in the past five years.The fifth chapter is the empirical part of this article,first of all,this paper is validated with Barlett and KMO method can be applied factor analysis method,and then in the period 2012-2016 sample companies come to the final score changes,then in order to verify the conclusion,the accuracy of the article selected the manufacturing industry did not implement the purchase to compared with the results above.In chapter 6,the paper concludes with the conclusion of the fourth part of the empirical test,and puts forward corresponding policy Suggestions on how to promote the healthy development of directional secondary offering.