Research On Investment Return Rate And Investment Strategy Of Private Placement Markets From The Perspective Of New Regulations

The formal establishment of China's private placement market began in 2006.After that,it was favored by listed companies and investors with its looser access restrictions and more flexible income methods.The number of private placement projects and the scale of fundraising increased exponentially.However,in the process of rapid development,the private placement market has gradually exposed many irregularities.The regulatory agencies have continuously controlled through rules and window guidance.The two new regulations introduced in 2017 have had an important impact on the private placement market.In the context of a major change in the market environment for private placements,investors need to truly explore the factors that affect the rate of private placements,so as to screen the private placement projects and determine investment strategies.On the basis of studying the theory and conclusions of domestic and foreign scholars on private placement,this paper combines the actual situation of China's private placement market,conducts theoretical analysis and constructs a factor indicator system that affects the rate of return,and discovers the main influencing factors through empirical data.In this paper,the investment yield of private placement is decomposed into:discounted rate of return,holding rate of return,and the influencing factors of the two are explored separately.In the discounted rate model,the results of multiple linear regression analysis model,decision tree and random forest model analysis,it is found that the ratio of additional issuance,price-to-book ratio,company size,etc.have a strong impact on the discount rate,indicating that the private placement The more important it is for the future development of listed companies,the higher the return of the listed companies.At the same time,the market's valuation of stocks,stock liquidity risk,private placement scale,the company's own profitability and growth also affect investors' judgment on stocks,thus affecting the discount rate.In the holding rate model,multiple linear regression analysis model,decision tree and random forest model analysis results,find the company's intrinsic value,especially the total profit growth rate,return on net assets,etc.It is very important to have a high rate of return.The company's share capital and company market value,which reflect the company's growth,also have significant impact.Based on the results of model analysis,this paper puts forward corresponding suggestions for future investors' investment strategies when investing in private placement projects.