A Study On The Factors Affecting Price Of Directional Add-Issuance In NEEQ

As a typical representative of China's OTC market,the New Third Board market has developed rapidly in recent years.The number of listed companies and the market financing scale in the New Third Board market have shown significant changes compared to the same indicators in 2013.As an important equity financing channel for the New Third Board listed companies,private placement has been favored by listed companies,and the price of private placements has shown great differences in the process of private placement,small to one yuan,up to one hundred yuan.There is no uniform pricing standard that directly affects the final effect of private placement financing and the legitimate rights of investors.In view of this,this paper conducts empirical research on the influencing factors affecting the price of private placement based on the difference of private placement price.Firstly,the paper sorts and classifies the existing research literatures at home and abroad,and combines relevant basic theories to extract the factors that may affect the price of private placement,including the degree of information asymmetry of the company,the purpose of the company's private placement financing,and the financial status of the company.Then,536 listed companies with private placements after January 15,2018 were selected as samples for empirical research,and SPSS21 statistical software was used for descriptive analysis,correlation analysis and principal component analysis of influencing factors.According to the five new comprehensive factors obtained by principal component analysis after dimension reduction,the goodness of fit of the regression model is tested,and it is concluded that the scale factor,profit factor and information factor have obvious influence on the price,especially the profit factor.The impact is the biggest,the information factor and the scale factor have a strong influence;the debt repayment factor and the large shareholder factor have little influence on the price of the private placement.Finally,based on the analysis above,the year-on-year growth rate of the listed company's profitability and operating income has the most obvious impact on the issue price.The degree of information asymmetry,the size of the company's assets,the scale of financing,and the size of the issued shares also have a significant impact on the price of private placement.In light of these conclusions,relevant suggestions are put forward for the reference of supervisors and listed companies.