Study Of Chinese Listed Company Seasoned Equity Offering

In China, refinancing of listed companies has been the focus attention of market, and seasoned equity offering of listed companies become a hot topic in domestic study in recent years, especially with more and more listed companies' seasoned equity offering in last two years.In this paper, normal analysis and empirical analysis both are used to analyze the issue of seasoned equity offering. Moreover, we work out some police suggestions referring how to regulate Chinese listed companies' seasoned equity offering.The characteristics of Chinese listed companies' refinancing are analyzed at first. Compared with foreign listed companies, Chinese listed companies have equity financing preferences, not matching "excellent sequence finance theory". For the second, we discuss the factors that affect the listed companies' seasoned equity offering. The factors can be divided into two parts, including internal factors and external factors. The internal factors existing within listed companies have an impact on seasoned equity offering preference directly, including the characteristics of company, Corporate governance factors (such as ownership structure, interest mechanism, internal control mechanisms); external factors, existing outside of listed companies, which directly or indirectly influence the listed companies' equity offering preference, such as policy environmental factors, market environment factors, and so on. Thirdly, we made empirical research on Chinese listed companies' seasoned equity offering. We conclude that rights offering and placement have mainly negative impact on the companies' performance after study.Finally, we work out some proposed policy recommendations on how to regulate listed companies' seasoned equity offering, including the regulation of dividends distribution system, the perfect of the corporate governance structure, the fast development of corporate bond market, the strict regulation of securities market and the perfect of legal Laws and regulations, etc.