The Research Of Seasoned Equity Offering Black Hole In The Post-split Share Times

China's listed companies have special tradable structure between controlling shareholders and minority shareholders.The phenomena cause a wide range of conflicts of interest. In the equity re-financing, the controlling shareholder has a strong preference for equity refinancing, and equity refinancing against the value of efficiency. With the coming of the post-split share times,the special structure will gradually change. These changes will weake the system which make the controlling shareholder has been criticized for violations of the institutional. But the solution to the problem-tradable shares not immediately eliminate all market ills, especially the interests and conflicts between the controlling shareholders and minority shareholders. Study of the controlling shareholder of violations not only to consider the same age tradable factors also need to consider the secondary market, for example,the stock prices and other new other factors.Therefore, in China's listed companies refinancing equity institutional context which the market is expected to have to be changed,to make theoretical analysis on the controlling shareholder of the violations and to forecasts on its next move is related to preventive measures, and undoubtedly an important The practical significance.This article base on the backgruand of after-tradable shares times, and mainly from the perspective of ownership structure to study the controlling shareholder equity refinancing against the value of the efficiency of behavior. Through the relevant theoretical basis, combined with the status theory,educe the conclucion:under certain conditions, the controlling shareholder equity through refinancing against the value of efficiency and achieve the purpose of occupying the interests of minority shareholders. As the controlling shareholder of such abuse, which led to the value of equity to refinance after the decline in the efficiency of the phenomenon.That is the black hole phenomenon equity refinancing. Empirical part of the article with the data further proved the exist of the black hole phenomenon, as well as the conditions of its formation,and propose appropriate solutions and recommendations.In research and learning has been based on the results, I look forward to innovation. Therefore, this combination-tradable shares in the context of the times to study the new features, and the creative presentation of the concept of equity refinancing and generate the conditions for a black hole. For the black hole,not only prove through equity refinancing theoretical analysis carried out in a progressive manner, but also prove by principal component analysis and linear regression methods.