Empirical Study On Institutional Investors And Announcement Effect Of The Equity Private Placement Of Listed Companies

Private placement is an important part of capital market financing at home and abroad,it is an important link to modern capital market.Since May 8,2006 the China securities regulatory commission promulgated the measures for the administration of the issuance of listed companies,private placement has the rapid development in the equity division era.As investment professional,organized and social product,the institutional investors also gradually involved in the tide of directional issuance.At present domestic research on private stakeholders are mainly concentrated on the large shareholders,Institutional investors also is the company's stakeholders,their participation will have an effect on the company short-term share price? If there is influence,it is a positive or negative? In addition,the type of institutional investors on the capital market in China is various,if,that is,each type of the participation of institutional investors on the company's share price influence of institutional investors as a whole?With these questions,this article take successful private companies as research samples on May 8,2006-December 31,2013,standing in the perspective of institutional investors,using event study method,to study whether institutional investors to participate in these events has effects on the reaction of the market,institutional investors on the basis of further divided into seven categories,research the contrast between investors' heterogeneity.Through careful analysis and system research,this paper concludes the main are as follows:(1)the announcement effect of private placement has significant positive;(2)the participation of institutional investors will not make the company's short-term share price performance is good,have a significant negative impact.(3)Not all types of institutional investors short-term stock price effect all have a negative impact on the company.In the type of institutional investors,trust and social security fund investors has significant positive effect to short-term stock price,and insurance institutional investors have a significant negative effect,brokerage,common fund,the general investment as well as other institutions impact on share price performance is not obvious.