Refinancing Equity Of Listed Companies On Business Performance Empirical Study

Refinancing is one important way to access capital after a listed companyimplement the starting stock (IPO)。With the development of China’s securities market,financing in the position of the total financing scale is rising year by year, the heatalmost comparable with the starting stock.Financing behavior of listed companies hasgone from single to multiple rapid development; Relevant state departments to monitorthe behavior of corporate re-financing has developed from the audit to the approvalsystem.In the developed market economy countries’s securities market, the listedcompany very rarely used equity financing way to raise funds. Because the listedcompany announced in equity financing plan, market performance often not beautiful,investors generally regard the listed companies in equity on the stock market as thecompany re-financing, poor management of information. However, the situation inChina with exactly the opposite, many companies prefer equity to refinance.Soresearching for the listed company’s equity financing behavior and its performance hascertain theoretical and practical significance for the listed company and the perfectdevelopment of capital market.In this paper, based on the Western classical finance theory and domestic scholarsto study the equity refinancing effects of business performance, with a combination oftheoretical and empirical analysis method to study the listed companies in China studiedthe major equity refinancing way, and then, with2007,2008equity refinancingcompany as the research object, by using descriptive statistics analysis ZengPeicompany shares equity refinancing a year before the refinancing that year, then again,after two years of refinancing of the main financial indexes change after we got ZengPeicompany business performance down trend conclusion.To further study the equity refinancing impact on business performance, select therelevant dependent variable and independent variables, the variables for correlationanalysis and multiple linear regression analysis, concluded that empirical researchfindings. Finally, the analysis concluded, based on the combination of China’s capitalmarket and listed companies, its own characteristics, and measures put forward a reasonable proposal, to regulate the behavior of re-financing, capital market allocationof resources more effective.