Research On The Seasoned Equity Offerings Methods Choice And Their Performances Of China’s Listed Companies

With the development of Chinese capital market, Seasoned Equity Offerings has become an important way for listed companies’refinancing. This dissertation does research on three major SEO flotation methods in China, they are, share placements, public offerings and private placements. We hope that listed companies can conduct SEO behavior according to rational choice and evaluation, and that may improve financial efficiency and achieve SEO goals.This dissertation intends to follow the thinking of "Research background—Literature Review—Analysis of influencing factors—Announcement effect comparison—Long-term performance comparison—Conclusions and policy recommendations". The main contents include domestic and foreign research status of SEO flotation methods, SEO announcement effect and long-term performance; the evolution course of SEO policies, the comparison between three SEO flotation methods and the match between different types of listed companies with their best refinancing ways; using Logistic model to analyze influencing factors of flotation methods choice, company size, binary ownership structure and other factors are included in this empirical test; using event study to examine announcement effects of share placements, public offerings and private placements; using descriptive statistics to analyze the changing tendency of the three SEO flotation methods’long-term performance.Through the study we find that companies adopting different refinancing ways have different features, companies with larger asset scales and higher proportion of top five shareholders preferring to share placements, and companies with higher proportion of the largest shareholder and higher proportion of outstanding shares preferring to public offerings and private placements. Announcement effects and long-term performances of share placements, public offerings and private placements are all negative and declining, but with further comparison, we also find the results of private placements are much better than the others. According to the results and the present situation of our country securities market, a series of policy suggestions are recommended, such as further standardizing refinancing access policy, enhancing the SEO regulation of listed companies, encouraging private placements, establishing a diversified financing system and so on.