Analysis Of The Influence Factors Of Placement Revenue Rate

As the China securities market is becoming more and more mature,private placement increasingly flourishes as an important way of refinancing of listed companies.Listed companies with financing needs are more willing to realize strategic expansion through the low cost private placement.At the same time,the private placement is an important way to realize the overall listings and backdoor listings.Private investment attracts the attention of many investors with its relatively stable excess returns.Compared to the secondary market investment,private placement has certain safety cushion,and the private placement company qualification is reviewed by the CSRC,which has an assurance in certain.However,private placement is not without risks.Failure to raise funds to investment project,performance decline after the private placement,price rise,dropped discount rate,etc.,these could lead to reduce the investment yields.The institutional investors can only discern the stand or fall of investment targets through public information and the analysis of the corresponding industry companies,which requires that we need to use some methods to analyze the expected rate of return.In this paper,the statistical modeling and neural network analysis method are applied to the private placement yield prediction.Through the analysis of all the successful private placement projects from January 2006 to December 2015,the prediction model is set up on the method of stepwise regression,lasso regression and neural network.Based on this,I put forward some corresponding suggestions.This paper analyzes the relationship between the discount rate of return,the holding period returns to market returns and issuance Date PE,issuance scale,relative issuance scale,debt-to-assets ratio.And this paper provides the importance ranks.The research results show that with the improvement of analysis method,refinement o f the model and the expending information of independent variables,using the effective stat istical analysis methods can help investors to find the target of investment value and take t he bigger chance to avoid the potential risk.