Empirical Study Of The Factors Influencing The Discount Rate Of Private Placement Of Listed Companies In China

Orientated private placement has been developing in China for more than ten years.Because of its great advantages over rights issue and public issuance,the private placement market has been developing rapidly and has always been the preferred method for equity financing of listed companies.In order to guide listed companies to raise funds to the real economy,on February 15,2017,the China Securities Regulatory Commission revised and promulgated the "Implementation Rules for Privately Issued Stocks of Listed Companies" and the "Q&A on Regulatory Issues-Guidance on Regulating and Regulating Financing of Listed Companies" Request two documents.These two documents impose specific restrictions on the private placement of listed companies in terms of issue size,issuance pricing,and financing interval.The promulgation of the New Deal not only strengthened the marketability and fairness of fixed-increasing pricing,but also guided the rationality of listed companies.Financing.This article takes a listed company with a private placement after the issuance of the “Implementation Rules for Privately Issued Shares of Listed Companies” as a sample,and conducts an empirical study on the influencing factors of the discount rate for fixed-increased issuance in response to the pricing issue of private placement.First of all,this article will sort out the relevant research results of private equity financing at home and abroad,and then sort out the characteristics of China's variousequity refinancing methods and the direction of private placement financing.Then,through the study of the relevant theoretical basis,11 explanatory variables were selected from the three aspects of the listed company's own operating conditions,the characteristics of the fixed-income program,and market factors,and relevant assumptions were put forward.Finally,this article focuses on the influencing factors of the private placement issuance discount rate of listed companies in 497 companies that successfully implemented private placements from February 15,2017 to February2018,using multiple linear regression and Logistic regression analysis methods.Analyze the factors that affect the discount rate of private placements.The research shows that the company's own operating conditions in terms of the company's growth ability,profitability,debt repayment ability,targeted increase in the issuance of the project elements in terms of the size of the issue,and the company's overall size and the average daily exchange rate of the stock are on the fixed rate of increase Has a significant effect.Among them,the company's overall size,operating income growth rate,return on net assets,fixed increase issuance size,and daily average turnover rate of stocks are all negatively related to the issuance discount rate,and asset-liability ratio is positively related to issuance discount rate.