Short-term Market Reaction And The Factors Of Listed Companies Private Placement

With the recent development of the securities market, private placement of listed companies has become a mainstream form of equity financing. Study abroad for placement of more mature, but our late start, foreign research results apply to further study of the stock market. This paper aims to study the private placement of listed companies give what kind of announcement effect in the short term, the impact of factors which contain, so as to provide reference for decision-making of investors, listed companies and regulatory authorities.Firstly, the comb with the private placement related research achievements at home and abroad, put forward hypotheses using correlation theory. Then we studied a sample of 888 companies from 2012 to 2014 to implement private placement announcement by statistical hypothesis testing method of Listed Companies in the plan announcement, issuance examination committee announcement, the announcement by the Commission, which shares the date of issuance four key short-term market reaction time window. Then, for a significant market reaction time window, by multiple linear regression analysis, and program elements from the private placement of listed company financial condition selected two indicators, the study factors that influence short-term market reaction.The innovation of this study is to select the four listed companies private placement critical time window that plan announcement, issuance examination committee announcement, the announcement by the Commission and the shares issued announcement, its short-term market reaction, respectively research. In addition, the impact of factors, from the additional program elements and the listed companies to consider two aspects of the financial situation, to avoid the one-sided single aspect of the study. In addition, the market reaction to measure the selection of indicators, in the calculation of the excess rate of return, the introduction of the Shanghai and Shenzhen 300 Index as a benchmark, to avoid subjectivity paired single company, but also more suitable for the main stock market indices are generally more prepared since the rule.Research shows that the private placement of listed companies as an important event in the impact of development in the plan announcement and the date the Commission has a significant positive announcement by short-term market reaction, in which the larger the average excess return plan announcement, but also more individual differences Big. However, in the issuance examination committee by the announcement and the shares issued announcement, shares of listed companies do not have significant positive short-term market reaction. In the plan announcement, issuance size, issue the discount rate, subscription ratio of large shareholders and related parties, the company listed assets and liabilities of these four indicators significantly affect short-term excess rate of return, while return on equity of its impact is not significant. In the Commission, issued the discount rate, the proportion of large shareholders and related parties to subscribe for these two indicators have a significant effect on short-term announcement by the excess rate of return, while an additional scale, asset-liability ratio, ROE for the stock market reaction the impact is not significant.