Investors Focus,earnings Management And Pricing Efficiency Of Private Placement

In recent years,China's financial market has become increasingly active,small and medium-sized investors to participate in the enthusiasm of the stock investment is rising gradually,small and medium-sized investors on the stock market understand deeper,increased access to information channels,and identify the management benefit manipulation ability raise and so on,many factors make the small and medium-sized investors investors pay close attention to by more and more attention and research.At the same time,since 2006 since the implement "management method",the purchase way gets gradually the favour of company management,offering low threshold,make its gradually become the main choice,most companies issuing new shares,however,there is no denying the fact that the management in order to guarantee the smooth distribution,through earnings manipulation to beautify the company's performance,increase profits,will give the secondary object that big shareholders or even institutional investors on the issue price is favorable,there is no doubt that this kind of behavior of wealth transfer is bound to harm the interests of small shareholder,and low price can make pricing efficiency is lower,affect the normal operation of the capital market.Therefore,the main purpose of this paper is to study whether the attention of small and medium-sized investors can have an impact on the pricing efficiency of private placement,whether it can improve the pricing efficiency of the primary market of the company conducting earnings management,and then study the mechanism and path of the three influences.It is hoped that through the author's research,management can be restrained from encroaching on the interests of small and medium investors,so as to provide some help for natural person investors to safeguard their own interests.At the same time,enrich the relevant theoretical achievements in the research field of pricing efficiency of private placement,so as to promote the healthy operation of the capital market.The research contents of this paper mainly include: 1.Whether the listed enterprises that conduct private placement have conducted earnings manipulation,andthe direction of earnings manipulation;2.2.The relationship between investors' attention and pricing efficiency,and whether the limited attention of small and medium investors can supervise and restrain the management's discount;3.The relationship between earnings management and pricing efficiency;4.Investors are concerned about the relationship between earnings management and pricing efficiency.In other words,investors are concerned about whether the pricing efficiency after earnings management can be adjusted.According to the above content,the author tend to score matching method is used in the process of research,statistical analysis and multiple regression analysis,the study of innovative focused primarily on the new research Angle,this paper from the Angle of investor attention and consider to consider the pricing efficiency of high and low,the measure of the pricing efficiency index,instead of the single discount rate index,differentiate between the capital market,the reference Yin Zhu in the F-O model calculation of the stock's intrinsic value,the index elaboration and study in-depth.The research shows that the listed companies conducted upward earnings management in the year before the private placement to whitewash the company's performance,and the positive earnings management behavior significantly increased the deviation degree between the intrinsic value of stocks and the issue price,thus reducing the pricing efficiency of the primary market.At the same time,the research shows that the improvement of investors' attention can inhibit the low-price behaviors of the management in issuing stocks and improve the pricing efficiency of stock issuance.Moreover,investors' attention can also regulate the pricing efficiency of earnings management in the process of private placement.