Investment Identity,Use Of Proceeds And Long-run Performance After Private Placement

This thesis studies the long-term performance after the private placement,aiming to provide investors with reference on how to identify high-quality private placements and how listed companies can improve their long-term performance after private placement.Secondly,this thesis takes a total of 1477 private placement events from 2008 to 2014 as the research sample and analyzes the relationship between investment identity,use of proceeds in private placement and long-term operating performance,stock performance in 3 years after private placement by using methods of Comparison Test and Multiple Regression Analysis.The results show that both long-term stock performance and operating performance after the private placement will decline.The participation of fund is significantly negatively correlated with the long-term stock and operating performance,indicating that the long-term performance after private placement of fund type was worse than other types.The participation of major shareholder is significantly positively correlated with the long-term stock performance and operating performance,indicating that the long-term performance after private placement of major shareholder type was better than other types.The decline of long-term stock performance for supplementary liquidity or debt repayment type is more quickly than other types.The long-term operating performance for buying assets type is better than that of other types.The long-term operating performance for investing projects type is worse than that of other types.