The Empirical Research On The Influence Of Equity Refinancing On The Long-term Performance Of Listed Companies

Corporate finance is usually adjusted to meet the corporate strategy，industrialexpansion，cash flow and other needs，whether it is reasonable and the company’s futurefinancing of sustainable development are closely related. Financing can be divided intoinitial financing and external financing; external financing is divided into debt financingand equity refinancing; equity financing is divided into IPO and SEO. One of the meanof obtaining follow-up funds after IPO of the listed companies is refinancing. At presentthe main ways of equity refinancing are seasoned equity offerings righting issues andconvertible bonds. With the development of China’s capital market，the seasoned equityoffering is playing a more important role among all sorts of equity refinancing. Listedcompanies through the equity of refinancing to raise a large amount of money forinvestment, market expansion or diversification, additional injection of funds in a listedcompany at the same time, whether to bring new profit growth point, to promote betterdevelopment of listed companies, how its performance become a stockholder concerns.In this paper, the basis of related research is the Western classical finance theoryand domestic academics on the issue of equity to refinance, using the companies whichissued second stokes from the year2001to2008as the search samples, analyzes theperformances’ changes among the year before seasoned equity offerings and the after4years. And by using the empirical methods of refinancing in those days as well as theperformance of the subsequent four years, from the direction of the raised money’s use,size and proportion of equity refinancing, equity premium amount of equity refinancingfour aspects for the multivariate linear regression, analysis the influence of equityrefinancing of long-term performance.