The Empirical Study On Performance Of Listed Companies With Different Objects

The securities regulatory commission of china to implement the "listed company of securities issuance management method" in 2006, directional shares since in refinancing market on a fast development tendency, and become China's listed companies, the main equity re-financing one of the ways. Secondary offerings to the listed company performance can bring the positive influence on the sustainable, this article from the perspective of objects of different shares an empirical study.In this paper, the successful implementation in China in 2009. directed the additional issuance of 80 listed companies as research samples, and according to the sample enterprise in the 2008-2010 three years of performance data, to the listed company secondary offerings the year before that, after a year of performance and the change of the research on. In this paper, first, the additional issuance of directional market performance, operational performance and secondary object classification research results were systematically reviewed, based on this, the present development and motivation of the directional shares were analyzed. In the empirical study, this paper respectively from the part of the directional shares market performance, performance analysis of the two aspects of the sample company shares different objects of the influence of performance.In the course of market performance, this essay on directional shares before or after the announcement 5 days for the event window, with cumulated excess profits calculated overall samples in the event of the period, and the excess profits related statistical analysis. The result shows:the only to the non-affiliated shareholders market performance is significantly higher than the other two kind of secondary type that only to big shareholders and related shareholders and at the same time faced the issuance of the two types. In the business performance of the study, based on sample enterprise implementation of directional shares were three years before and after the financial data based on sample enterprise management performance of continuous research, found directional shares of the listed company, behavior operating performance and no significant improvement action. On business performance classification of. found only to big shareholders and related enterprises of the shareholders the performance of sample was better than the other two kind of secondary type; Among them only to the non-affiliated shareholders of the directional shares for the performance affect the minimum.Through an empirical research, this paper argues that the listed company in the design scheme to reasonable directional shares when set a release object, make directional shares for increasing behavior to the value of a business service. Listed companies conduct orientation the main purpose of the issuance of financial financing, should encourage the non-affiliated shareholders to participate actively; When the listed company for the purpose of implementing the additional issuance of directional asset restructuring, should encourage big shareholders and related shareholders participating. At the same time as a financial market regulator, the should regulate directional shares process information disclosure system and prevent shares information become insider trading tool.