The Research On The Influencing Factors Of Private Placement Of The Listed Companies

Under the background of the growing capital market,the financing of listed companies is increasing,and the financing channels are becoming more and more abundant.In 2006,the non-tradable shares reform promoted the development of the securities market,and provided an opportunity for the germination and development of the private placement.In the equity market full circulation background,private placement has significant advantages in the distribution system,such as the lower conditions for issuing,the lower cost and the higher success rate of raising.After the introduction of private placement in the market,it caused a huge repercussion,From the perspective of times of private placement and the fund-raising scale,the private placement play more important role in equity refinancing than public offering and rights issue,Compared with related foreign research,domestic research on private placement is lagging behind,the breadth and depth of research is insufficient.Why more listed companies choose private placement? What factors will the listed companies consider when making equity refinancing decisions? The study of influencing factors on the private placement will provide theoretical guidance for listed companies,help investors to participate in the private placement reasonably,at the same time the study will play a guiding role on security supervision for the securities regulatory departments.On the basis of foreign research,combined with the current development situation of domestic securities market and after the analysis and Research on present situation of domestic issuance of private placement system and A share market of the private placement,this study come up with the influencing factor of the private placement.This study select 662 samples in the A share market from the listed companies that implemented equity refinancing from January 1,2014 to December 31,2016.Using SPSS 24.0 software analysis on the constructed regression model of Logistic,this study analysis the influencing factor of the private placement and the Rights issue from the control right,agency problem,information asymmetry and risk management factors,the results of the study show that the above four factors are in different influences on the choice of equity refinancing of listed companies.Finally,this paper combines the relevant theoretical research and empirical analysis results to draw the conclusions of this paper,and puts forward relevant suggestions,including the recommendations of the listed companies and the securities market recommendations.