Research On Stock Price Effect Of The Small And Medium Sizes Boards' Privete Placement Under Different Events Days

Since 2006,China's private placement system has been improved a lot,and private placement has gradually become the main means of equity financing for listed companies.From 2012 to 2017,the scale of small and medium sized boards' private placement has exceeded 65% of the total scale of equity refinancing,and it is also increasing in the A share market.Therefore,the stock price effect brought by small and medium sized boards' private placement is attracting more and more attention from investors.Most of the existing research is concentrated on the whole A share market,and there are few research on small and medium sized boards' private placement.In addition,these research merely analyzed the stock price effect on the announcement of the plan,and there are few comparative studies on stock price effects caused by other important announcement days.Based on the above analysis,this paper takes the SME board successfully launched in January 1,2012 to December 31,2016 as the sample data,and applies event study method to analyze the stock price effect of private placement on different event days.Otherwise,we explain the causes of different announcement effects,apply the single factor analysis and multiple linear regression to study the influencing factors of stock price effect at a deeper level to explain the differences of the stock price effect.Finally,the policy suggestions are put forward according to the conclusions of the study.It is found that there is a significant positive announcement effect in private placement of small and medium-sized panels.The stock price effect of the announcement day is positive,but it is not significant.It shows that there may be short-term speculation.and the stock price effect has nothing to do with the pricingway of private placement,but it will be influenced by the purpose of private placement.Moreover,the results of the multiple linear regression show that there are significant positive correlations between the stock price effect of small and medium sized listed companies' private placement,the increase or decrease of the small and medium size index,asset liability ratio,the purpose of private placement,the subscription method and the participation of major shareholders.In addition,the positive correlation between the stock price effect of small and medium sized listed companies' private placement and operating income ratio,quick ratio,equity concentration as well as the negative correlation between that and the ratio of private placement.