| Since 2006,private placement has quickly become one of the most main refinancing way in the stock market.In 2016,it exceeded the scale of 1.5 trillion yuan,10 times the size of the IPO in the same period.Private placement has many advantages,such as offering easy and distribution cost is low,the pricing mechanism is more flexible.Research conclusion of this paper provide investment advice to project investors and secondary market participants.At the same time,from the hypothesis of "information asymmetry" and "liquidity compensation" demonstrates the lack of rationality of policy making.The paper choose the company which had issued the private placement's stocks from 2006 to 2016 as the sample,and studies the influence factors on the return of the private placement from discount,subscriber,subscription ratio and so on.Through the analysis of the impacted factors of the return at the auction,the author founded that the discount has negative influence on the CAR,has positive influence on the ROI.The empirical test verifies hypothesis 1.The discount earnings is more important on the gross earnings than the excess earnings.A lower discount rate means a more positive announcement effect.The author also founded that the discount is related to the subscriber.The discount rate is lower when issuing shares to major shareholders or their related parties,and the excess returns are higher.It is means that information asymmetry theory can better explain the discount rate than the information asymmetry theory.The subscription ratio has positive influence on the CAR and ROI,that hypothesis 2 is confirmed.Finally,the author considered the listed companies relative PE founded that the hypothesis of "valuation repair" is not suitable for China securities market.So it is not consistent with the original hypothesis.The author thinks it may be that Chinese shareholders like new shares and small-cap stocks.And the author believes that as investors become more mature,this situation will change. |
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