Research On The Timing And Influence Of Directional Additional Issuance

Since the capital market of our country appeared in 2006,the refinancing method of private placement has been sought after by listed companies.The discount issue,announcement effect,earnings management and profit transmission are the main research directions of the scholars at home and abroad,but they are less involved in other aspects.At present,the world economy continues to develop and the international macroeconomic environment is constantly changing.Under this background,the traditional market theory can not effectively explain the financing behavior of enterprises in the market.Therefore,more and more scholars regard market timing theory as a new research angle of enterprise financing behavior.This article mainly from the market timing choice theory From the angle of view,discussessing the influence factors of the market timing of the listed companies in China,and takes SBS as the analysis object to deepen the research.This paper discusses whether the company is affected by the market opportunity for the private placement,and from the point of view of the choice of the market opportunity,it will choose whether it will be beneficial to the development of the company or the object of the issue.The most important issues are discussed and analyzed.Finally came to a conclusion,the relevant enlightenment and suggestions are given,which can be used for reference by other enterprises.At the same time,through the analysis of SBS,we can see very clearly how enterprises choose the market timing for private placement.More intuitive understanding of the purpose of this article.This paper discusses the current situation of private placement in the capital market of our country,and analyzes the timing of the behavior of the listed companies by using the case analysis method.At firstl,this paper summarizes the related theories of private placement and market timing,and makes a theoretical basis for the later analysis.Secondly,it summarizes the research on the choice of private placement and market timing at home and abroad,and summarizes the factors of timing selection.At last,it would summarizes the two private placement of SBS,and puts forward some corresponding suggestions.The research focus of this paper is to determine whether the company will be issued as a result of the issuance.It is also an important factor for the board of directors to decide the date of decision.Through the analysis of this case,it is found that the main influencing factors of the market timing are the market price and the market mispricing.In the summary of scholars' research,we find that the behavior of the listed company to implement or terminate the directional additional offering is obviously affected by the change of the market price.Moreover,when enterprises choose the timing of private placement,they tend to favor the market opportunity of the issuing object,which indicates that the behavior of the listed company has the obvious tendency to choose the market opportunity and to set the issuing object as the target.