| Since the China Securities Regulatory Commission promulgated the "Measures for the Management of the Issuance of Securities of Listed Companies" in 2006,the equity refinancing tool for private placement has gradually become a favorite of listed companies.Now it has become the main means for equity refinancing of listed companies and is considered to have" "Low-cost,high-yield" features of refinancing methods.With the development of China's capital market,the level of capitalization and marketization have gradually increased.In recent years,the refinancing tools for private placement have continued to be fierce,and both the number of financing companies and the scale of financing have exceeded that of other refinancing tools,becoming the main means of refinancing the equity of listed companies.Due to its specific advantages,targeted private placements have no major restrictions on performance requirements,number of issuances and issuance procedures.Low financing costs and ease of operation make it very attractive to listed companies in the capital market.However,the large-scale financing of the company comes down to the fact that listed companies are better able to continue to grow and serve in the capital market of China.The original purpose of the raised capital is to serve the company's expansion of scale and improve its operating performance.However,due to its refinancing short time,easy operation,and high asymmetry of information,it is always a question that is highly discussed in the academic and practical circles regarding whether the private placement of listed companies will contribute to the improvement of the company's operating performance in the future.The research field of this paper is the relationship between the listed private placement and the long-term business performance of the company.The research problem is mainly whether the private placement of listed companies has a positive impact on their long-term business performance.Therefore,this paper intends to study the private placement of listed companies in recent years,extract their financial indicators,conduct empirical analysis from three perspectives(subjects of different issuance,different subscription methods,and discount rates),establish regression models,and apply multiple regression analysis.Explain the influence of different specialties of listed companies on their business performance to demonstrate the effectiveness of targeted reissuance of this refinancing tool to enhance the company's operating performance.After researching,this paper conducts a regression analysis on three different aspects:different targets,different subscription methods,and discount rates.It is concluded that the overall long-term operating performance of listed companies has not improved significantly,but different types of private placement targets resulting in different company's operating performance.Different subscription methods have different effects on the company's operating performance.The discount rate also has a positive correlation with the operating performance of listed companies.In response to the empirical results,we propose targeted countermeasures. |
