Reseach On Stack Returns Of Private Equity Placement In Chinese A-share Markit

Consider as at present, China’s securities market one of the most important means of refinancing of listed companies, from scratch, to today’s development, along with the development of Chinese securities market has experienced more than 20 years of history. In recent years, the secondary market for the purchase of also caused for a private event study enthusiasm. But on the whole, the private placement in China starts late,to consider most studies have focused on the purchase stock yield effect of various hypothesis proposed by the authors of this article attempts from the secondary market investor perspective, analysis of stock price effect brought by the private placement, in order to offer investment advice to investors.This paper firstly combed the literature at home and abroad for the purchase price effects brought by various hypotheses, including the announcement effect hypothesis, effective supervision and hypothesis,big shareholders support hypothesis, include the behavior hypothesis, etc.,on the basis of general purchase stock returns brought by the division for the discount and the holding period return two parts, the influence factors of affecting the two parts, respectively, the gains for empirical research.Considering the major influencing factors among them for discount returns to participate in the purchase of object identity and the mode of different, analysis event analysis method; Holding period returns to consider the main influence factors to consider the influence of the listed company itself, from the intrinsic value of listed companies, the company growth and stock price elasticity in three aspects, by establishing a multivariate regression model is analyzed.Finally through the results obtained from the empirical analysis,from the big shareholders to participate in it or not, the mode, the company stock price elasticity, the intrinsic value of the company, the company growth in five dimensions for the secondary market to participate in the private placement investors provide investment advice,for the screening of directional issue mark, and predict the earnings of the involved in private placement.