Research On Long-term And Short-term Effects Of The Announcement Of Private Placement In New Three Board

The NEEQ,as an important part of China's multi-level capital market,provide important financing channels for SMEs.As the most important financing way of the NEEQ,private placement is very popular with many small and medium enterprises because of its simple circulation and non lock periodic restrictions.So the NEEQ has expanded rapidly since 2013,and the total number of listed companies and the total amount of private placement increased rapidly.However,due to its late start,domestic scholars have little research on NEEQ private placement.Therefore,this paper studies the long and short term effects of the announcement of the NEEQ enterprises.This paper takes the NEEQ enterprises in the period from January 2015 to December 2016,which adopts the way of market making.The impact of the NEEQ enterprises will be divided into short-term and long-term research.It mainly explores the short-term and long-term effects on the NEEQ enterprises.Finally,we explore the correlation between the NEEQ enterprise orientation and the long-term wealth effect.This paper is mainly divided into four levels: first,through the mean test of short term and long-term CAR;Second,we use single factor analysis of variance to test whether different investor will affect the long and short term effects of announcements.Third,through the introduction of control variables,using the multi-regression model to further test the effects of different additional objects on the short-term notice effect and long-term wealth effect,at the same time,Explore other factors that affect the effect of long-term effects;Finally,explore the correlation between the short-term and long-term effects of the NEEQ enterprises.According to the research,there is a short term announcement effect in the orientation of the NEEQ enterprises in our country;In the next year,there will be a long-term wealth effect.After controlling other factors,it is found that the impact of the participation of the shareholders and related parties on the short-term excess yield is not significant.However,there is a significant correlation between the shareholder and the related party's participation in orientation and the long-term excess yield;The NEEQ directed additional short-term announcement effect and the long-term wealth effect are positively related;In particular,the announcement of the short-term surplus yield and the long-term cumulative excess yield is positively related.