Research On The Performance Of Priscilla's Fund Raising Investment Changes

Based on the case study of listed companies on China's Growth Enterprise Market from 2015 to 2019,this paper finds that the number of changes in listed companies is relatively large and the funds involved are relatively large.In the part of case analysis,this paper makes statistics on the capital changes of listed companies on the Growth Enterprise Market.It is found that the proportion of changes in the manufacturing industry is relatively high.Most companies use the raised capital to purchase equity,supplement permanent working capital,purchase wealth management products and purchase real estate.The listed company arbitrarily changes the raised funds and fails to use the funds correctly according to the prospectus,which will not only affect the integrity of the company,but also affect the rational allocation of capital market resources,to some extent damaging the interests of investors and eventually causing the company's operating performance to decline.In this paper,the GEM listed company Pricewaterhouse Coopers is selected as the research object,and the process and result of the listed company's change of raised funds are comprehensively analyzed by combining theory with cases.First of all,in the literature part,the author sorts out the investment situation of domestic and foreign listed companies' changed raised funds,and summarizes the focus of existing literature research.It is found that many scholars have different opinions in analyzing the performance of listed companies' changed raised funds.Some scholars use the event research method to draw the conclusion that the behavior of listed companies' changed raised funds leads to a positive cumulative return rate,while others draw the opposite conclusion.On this basis,they put forward some questions of their own.Secondly,it introduces the basic situation of the case companies,the process of listed companies changing the raised funds and the influencing factors.Finally,a comprehensive and in-depth analysis is made on the market performance and financial performance of the listed companies in changing the raised funds.The full-text analysis uses the literature analysis method,the event research method and the economic added value three methods to carry on the analysis to the case company using the qualitative and thequantitative combination.This paper uses financial indicators and economic added value to analyze the financial performance changes of the company in the past six years before and after the change of the raised funds,and draws a conclusion that the company's operating performance and company value have declined in the year of the change of funds and in the following years.According to the phenomenon of the company's operating performance decline caused by the change of raised funds,some enlightenment is obtained.First,improve the company's internal governance structure and establish a modern enterprise system.Second,optimize the ownership structure and introduce strategic investors through refinancing.Third,make clear the feasibility of strategic planning and scientific research projects.Fourth,the regulatory authorities should strengthen the guidance and supervision of listed companies.Fifth,improve the laws and regulations governing the use of raised funds by listed companies.Hope to provide theoretical and practical support for listed companies to improve the efficiency of the use of raised funds,but also to provide some reference for regulatory authorities to promote the healthy development of the capital market.