An Empirical Study On The Impact Of Private Placement On The Market Value And Market Value Of Listed Companies

Listed companies are the cornerstone of the securities market.The value of listed companies is directly related to the attractiveness of the securities market,related to the healthy development of the securities market.According to the theory of enterprise value,the concept of corporate value has a very rich connotation and diverse forms of expression.As the market value not only reflects the intrinsic value of the company,but also reflects the value of the company's stock investment,therefore,the market value of listed companies is one of the most effective forms of expression.There are several indicators to measure and reflect the market value of listed companies.The theory and practice prove that the Tobin Q value is an effective measure.And since 2006,"listed company securities issuance management approach" since the official release,private placement of this refinancing by ma ny listed companies of all ages.Private placement and public issuance of shares,allotment and other capital markets refinancing compared to the audit process is relatively simple,low financing costs,the issuance of high success rate.At present,private placement has become the main way to raise funds for listed companies,including but not limited to the issue of shares to buy assets,non-public offering of shares to raise funds.As the mainstream of refinancing of listed companies,how to correctly use the private placement,listed companies become one of the important issues of market value management.This paper attempts to examine the impact of private placement in China and Shanghai on the Tobin Q value of listed companies,and explore the influencing factors of market value effect.In this paper,the listed companies in Shanghai and Shenzhen are selected as the object of study.By excluding the major asset reorganization during the research period,the special handling of the stock will cause the s ignificant changes in the market value of listed companies,After the issuance of the company Tobin Q,business performance,market value and other long-term performance research.Tobin Q as an evaluation of the market value of the evaluation index,is widely used in empirical research,to reflect the operation of listed companies for investors to suggest the relevant risks,can reflect the company's growth potential.In this paper,the use of multiple panel regression method,by setting the issuance event for the dummy variable to study the impact of directional placement on the Tobin Q value,and long and short period on the Tobin Q value of the relevant factors and whether the issuance of major shareholders or related parties Whether it has a significant effect on the Tobin Q value.Finally,a multiple regression model is established for the relationship between the value of the Tobin Q and the influencing factors,and attempts to explain the factors and degrees that affect the market value of the Tobin Q.In terms of the factors influencing the market value effect,this paper takes the Tobin Q as the dependent variable,the return on the net assets of the sample company(the ratio of the net profit to the shareholders' equity),the asset-liability ratio(the ratio of liabilities to assets)(The ratio of book value to market value),the cumulative yield is the independent variable to establish the multiple regression model,and the regression analysis is carried out.The degree of fitting of the equation,the multi-collinearity,and so on,and obtain the empirical results.Finally,the article according to the empirical results of the corresponding conclusions to verify,and ultimately on the issue of private placement of listed companies policy recommendatio ns,and from the perspective of corporate private placement,the market value management put forward some countermeasures and suggestions.