Empirical Study On Private Placement And Business Performance

After the reform of non-tradable shares,the listed companies to implement the purchase as a means of refinancing gradually rise,coupled with the issue of the purchase threshold is low,the issue of cost is not high,lead to the financing in 2006 up to now,this decade has broken the original by the public offering,consisting of a rights issue,ipo financing pattern,making it the most popular among listed companies financing.The study results in the existing literature on the premise of,by way of combining normative research and empirical research,implemented in 2012,after screening the purchase of 121 a-share listed companies in-depth research,and build the multiple linear regression model to consider the discount and subscribe for long-term and short-term business performance of listed companies in relation to carry out empirical research.The empirical research to enterprise implementation of directional issuance remove lockup period after a year's earnings per share and net assets yield to measure the listed companies after the implementation of the purchase of short-term business performance,at the same time to enterprise implementation of directional issuance lock-up period after three years of earnings per share and net assets yield rate measured by the average of the enterprise after the implementation of the purchase of long-term operating performance.Final results indicate that:first,use the subscribe of non-cash way for enterprises to implement the purchase after the short and long term business performance has a significant positive effect,also is listed companies if use the subscribe of non-cash way,so the enterprise long-term and short-term business performance will improve faster,better;Second,the discount rate of private placement at the time of issuance also shows a significant positive correlation with the long-term and short-term business performance of the enterprise.In other words,when the discount rate of private placement is higher,the future long-term and short-term business performance of the enterprise will be better.The detailed arrangement of this empirical study is as follows:the first chapter is the introduction,which briefly introduces the background and significance of this writing,clarifies the content and methods of the study,and finally points out the innovation and deficiency of this paper.The second chapter carefully reviews the domestic and foreign literature on private placement,and discusses from three aspects:the advertising effect of private placement,discount issuance,and the relationship between private placement and business performance.The third chapter discusses the ways of refinancing,the scale of private placement financing and the operation mode of private placement.The fourth chapter is about the purchase and operating performance of the empirical research part,put forward the research hypothesis and research model and the design of index system,and introduces the research sample and data source,and build the multiple linear regression model,this paper is part of empirical research and regression analysis,finally to ensure that the results of examine,make steady test analysis;Chapter five,on the basis of summarizing the results of this empirical study,systematically put forward the research conclusions,and put forward relevant policy recommendations.