Practical Study On The Seasoned Equity Offerings Of Chinese Listed Companies

Secondary Equity offering refers to finaancing activity after Joint stock company is to be listed.There are several ways to raise funds for the listed companies: Secondary Equity offering, issue new stock or debt.In China stock market, SEO always holds major position,which is a main refinancing way. SEO provides funds to the company for its developing.SEO plays a decisve role in China capital market .But there are many unnormal behaviors when companies issue SEO, so the market generally think it is "QuanQian"and harmful for small stockholder. So it is very significant to research the financing behavior of the listed companies.In the USA, it has been so for quite some time about the research of the SEO, Smith raised the rights offer puzzle in 1977, Loughran and Ritter raised the new issues puzzle in 1995. A large numbers of articles have done in-depth research about the problem in Japan, Europe and other capital markets from the different point of view.The domestic research is mainly about earning management.In China, the participant includes: government, listed companies, big stockhold, small stockhold, intermediary agent.Different interest causes the different behavior of the participant.As the original intention of setting up the captial market is to solve the short of the funds and to provide funds for the government owned company.In this background,our listed companies present dualistic ownership structure.The thesis analyzes the interest distribution between tradable sharehold and non-tradable sharehold, the behavior,the changes of the achievement, the investor's profit.etc. The content maily contains:(1)The changes of the policy is the result of the game bewteen the government and the company.The company has strong motivation thatto operate the profit. In order to acquire shares-rationing right,some listed companies may try their best to meet the requirements of China's Securities Regulatory Commission by earnings management.The wealth shift from tradable stockhold to no non_tradable stockhold.(2)The thesis take listed companies that implement SEO in 2004 for example,use primary business total assets yield to measure the achievement of the company.At last, we find the achievement is declined.(3)The thesis uses the event research way to analyze the investor's earnings under the influence of the SEO. The important aim of supervision is to deploy the resources to the efficient companies. The prevenient policy is main about the past performance and future supervision of the investment.As they are easy operated or uncertain, it is difficult to supervise efficiently. But it is a little bit easy to supervise the behavior of the big stockhold, we could standaridise the behavior of the big stockhold. For the investors, they could have upper CAR.The thesie think because of the dualistic ownership structure,cause the unnormal SEO.