| Since the issuance of the "Measures for the Issuance of Securities of Listed Companies" in May 2006,private placements have become the main channel for the equity financing in China securities market,they have caused many problems.shareholders’ tunnelin,earnings management and so on.Research on private placements in China focuses on the shareholders’ tunnelin,discounts,announcement effects,and performance.However,most researches on the impact of performance mainly analyze the changes in company financial indicators or stock prices after the issuance of private placements.These indicators are vulnerable to earnings manipulation.At present,there is no consistent research conclusion on the research results of private placement on enterprise performance.Therefore,based on previous research theories,we use EVA to measure company performance.Taking the listed companies in China securities market between 2011 and 2016 as samples,we establish a multiple regression model to research the impact of private placement on the company’s EVA.And establish multiple regression models to research the impact of participation of large shareholders,degree of discount,subscription method,nature of the company,purpose of capital raising on the company’s EVA.Reasearch found that private placement has a positive effect on company EVA,The participation of large shareholders,the degree of discount,the way of subscription,the nature of enterprises and the purpose of fund-raising also have a significant moderating effect on the relationship between private placement and EVA.At present,private placements are under strict supervision.However,it is still an important means for refinancing listed companies.Researching the impact of private placement on EVA,it is important for listed companies to choose financing methods rationally,it is important for government to improve the supervision of private placement,this conclusion can also guide investors to invest rationally. |
PDF Full Text Request