Research On The Effect And Influencing Factors Of Listed Companies’ Additional Stock Issuance Based On Event Research

Private placement plays an important role in the capital market and has always been the focus of the capital market.Since the promulgation of the management measures and implementation rules in 2006,the fixed increment market has developed rapidly and occupies a dominant position in the financing scale of refinancing.At the beginning of 2017,the CSRC revised the new refinancing rules again,reviewed the private placement and adjusted some terms.The fixed-increase market quickly cooled down,and then the CSRC continued to loosen the policy.In this context,it is of great significance to study the stock price effect of fixed increase with the combination of new companies and data after the new regulation,which can not only analyze the stock price effect after the policy specification for market investors,but also put forward new thinking for the regulation of fixed increase.This paper attempts to investigate the short-term stock price effect of private placement in China’s a-share market by combining with market policies and further explore its influencing factors.Based on January 1,2010 to December 31,2019 published during the purchase plan announcement of a-share listed companies as research samples,through the event study method,will consider plans as the event announcement day window,through the window(10,10)the daily average excess returns and the cumulative average excess returns of calculation and tests proved that the purchase behavior of listed companies in the secondary market is significant for the short-term stock price effect,and proved that the set of news has been leaked ahead of this phenomenon.At the same time,this paper also makes assumptions on some factors affecting the short-term stock price effect of fixed increase,and selects listed companies that issued private placement announcements from 2010 to 2019 as samples to establish a multiple linear regression model.The results show that the large scale of fixed increment and the material assets reorganization involved in fixed increment have significant positive effects on the stock price effect,and the two indexes of fixed increment,the new regulation of refinancing and the total market value of fixed increment,have significant negative effects on the stock price effect.