Short-term Market Reaction Research On Private Placement Of Listed Companies

On May 17,2006,the "Measures for the Administration of Initial Public Offerings and Listings" was officially promulgated.In this method,there is no clear requirement for the financial status of listed companies that are not publicly issued shares,and the private placement has become a listing in China.The company relies most and the most important way to refinance.Private placement is the same as other forms of financing,which is a major event for listed companies and deeply affects investors' decisions.The listed company's stock price often has large fluctuations after the private placement,which will undoubtedly affect the mood of every investor in the market.At the same time,along with the vigorous development of the "investor sentiment theory",it also provides a new perspective for explaining the financial phenomenon of private placement.The full text is divided into five parts.The first chapter is the introduction including introduces the research meanings and measures,summing-up the literature review of domestic and foreign scholars on investor sentiment and private placement.It also summarizes the content structure,methods and innovations.The second chapter is theoretical analysis and reviews China.The development process of private placement is based on the different purposes of listed companies,classifying private placements,interpreting the theoretical basis of private placement,and on this basis,expounding the theory of the influence of investor sentiment on the market performance of private placements;The third chapter is the construction of China's investor sentiment index.This chapter selects the monthly data of closed-end fund discount rate,market transaction volume and other indicators as the basic variables,and eliminates the macroeconomic impact to obtain the investor sentiment indicators that eliminate the economic environment factors.The chapter is an empirical study of the short-term market performance of investor sentiment and private placement.The A-share listed company that implemented the private placement in the Chinese capital market from 2006 to 2017 was selected as a research sample,using the data analysis software Stata14 to sample the company financial enterprises,private placement data and stock price data Said statistical tests,correlation analysis,regression testing and robustness tests.The fifth chapter is the conclusion and countermeasures.The conclusions of the study indicate that:Firstly,the constructed investor sentiment index overcomes the shortcomings of the existing emotional indicators to a certain extent,and can comprehensively and accurately measure the market sentiment status.The listed companies in China have significant significance in implementing private placement.The positive announcement effect,and that effect is possibly related with investor sentiment.The higher the investor sentiment,the stronger the short-term announcement effect.Third,controlling the size and financial position of the company did not have It has an influence on the relationship between investor optimis and short-term market volatility showing.Depend on the major contents and conclusions,the following suggestions are put forward:First,increase the investor protection mechanism and information disclosure mechanism,secondly,improve the issuance object management system for private placement,and third,improve the private placement pricing mechanism and the proposed asset valuation system.