Research On Announcement Effect Of Private Placement In Chinese A-share Market

On May 8,2006,the measures for the Administration of Securities issuance of listed companies came into effect,and a new equity financing tool-directed issue-appeared in China’s securities market.With the development of the stock market and the process of the split share structure reform,more and more listed companies in China choose to refinance the enterprises by offering additional shares.As a new financing tool,directional issue has its own advantages compared with other instruments.First of all,the implementation of targeted issuance threshold is low,can meet the financing needs of listed enterprises.Secondly,the listed companies can introduce assets into the company through the targeted issuance,especially to the large shareholders to inject high-quality assets to improve.Company performance,enhance the company’s future sustainable development potential.However,there are some problems in the practical application of directional issuance.Therefore,it is of great theoretical and practical significance to study the stock price effect of directional issuance notice.Based on the above,this paper first arranges the related theories of directional issuance,and then puts forward the research hypotheses based on these theories,taking the successful targeted issuance companies in China’s A-share market in 2016 and 2017 as the research object.A total of 288 listed companies were selected as the research samples.Finally,the stock price effect on the announcement date of the directionally issued additional plans of 288 companies was analyzed.In the process of research and analysis,the paper first analyzes the stock price effect of the plan announcement of the total sample company,and then groups the total sample according to the additional issue object,the purpose of the additional issue and the relative size of the additional issue,and tests the stock price effect of each group’s directed issuance plan announcement.Then,the effect differences among different groups were compared according to the grouping conditions.The following conclusions are drawn:(1)there is a significant positive effect on the share price of a listed company on the date of announcement.(2)when the reissue object contains the same industry,Listed companies will have a greater limpact on the stock price.(3)the major asset-oriented IPO will have a greater impact.(4)the stock price effect of the directional issuance announcement will be stronger than the large-scale listed companies.