The Positive Study On The Operating Performance Of Chinese Listed Companies With Seasoned Equity Offering

In recent years, no matter was the tradition public seasoned equity offering ,or the non-public seasoned equity offering has developed rapidly, has already become the most important ways to re-financing in China capital market .Facing the upsurge, the operating performance of Chinese listed company to become the focal point which the public and the scholars will pay attention. After studying the literature review ,we discover that, the studies about seasoned equity offering can be divided into two stages . The first stage research literature mainly concentrates in SEO pricing, the announcement effect and the wealth assignment effect ; At the second stage many scholars also launched the research in the operating performance of listed companies with SEO, but mostly analysis lack the data to support, even if adopted positive study , the research approach is relatively simplex.In order to overcome the defect of research approach described above, this paper used the factor analyze. This paper selected several financial indexes, adopt factor analyze structure a comprehensive score function of operating performance, calculated and compared the scores in different year. Through comprehensive analyze all sample , we obtain that the score of operating performance of listed company with SEO was dropping in the same term, and continue dropping in following two years , but the dropping speed eases up to some extent. In order to strengthen the dependability of the conclusion, this paper also divided the sample into two parts according to the size of the total assets scale, analyzed and compared separately. Discovered the conclusion does not basically change, thus strengthen the dependability of the conclusion of this text.As we all know, the key function of the capital market —Optimize resource distribution, but the study conclusion indicates the operating performance of listed company was droping after SEO, have obviously deviated this key function of capital market. I think that the performance have close relation with the defects existing on system and structure with China capital market that make China capital market unable to guide social resources to the margin effectively, have weakened the resource distribution efficiency of the capital market. So this paper put forward a series of the counter measure to improve the operating performance of listed companies.