Research On The Internal Motivation Of The Financing Behavior Of Directional Additional Issuance Of Listed Companies

As a new way of equity refinancing,private placement has replaced the status of allotment an d public offering,and has become the first choice for refinancing of listed companies in China.It not only broadens the channels for refinancing of listed companies in China,but also plays an important role in the improvement and development of China's capital market,In 2006,China completed the share-trading reform,which not only created favorable conditions for the further development and promotion of private placement financing,but also provided corresponding guidance and norms for the financing behavior of listed companies.In recent years,more and more listed companies have obvious preference for private placement in the process of equity refinancing,which not only affects the balance of resource allocation,but also is not conducive to the development of other financing instruments.It is necessary to choose the factors for private placement.This paper first analyzes the relevant basic theories,combined with the latest research results at home and abroad,on the basis of analyzing and summarizing the evolution of China's private issuance issuance system and the status of China's A-share market issuance and issuance,and discusses the external factors and internal factors of listed companies' choice of private placement Motivation.Based on this,the Logistic regression model is constructed.From the perspectives of control factors,information asymmetry factors and business performance factors,the equity refinancing options of listed companies are verified.This paper mainly selects 1606 A-share listed companies that have completed private placement,public issuance and allotment from 2011 to 2017 as research samples,and uses SPSS software to process and analyze the collected data.The empirical results show that both information asymmetry factors and business performance factors have a significant impact on the choice of listed compan ies' equity refinancing methods.The higher the degree of information asymmetry and the worse the operating performance,the choice of listed companies for equity refinancing.The greater the probability of directional issuance.The influence of the structural factors of control on the incentives for private placement is not significant.At the end of the article,based on the results of the empirical test the corresponding recommendations were made to the listed companies and resgulatory authorities.