Research On Announcement Effect Of Private Placement Of The New Third Board

The National Equities Exchange and Quotation is one of the hot topics in the current capital market,which affecting the heart of many small and medium-sized enterprises.The private placement as an important means of equity financing,whether it is from the point of view in financing scale or financing efficiency,are the means of business very willing to choose.Because the development of China's A-shares market for a long time,so the research on the announcement effect of private placement is more mature and perfect,but the new third board is still the initial stage with less research literature.This paper aims to study whether there is announcement effect of private placement of listed companies in the three new board market.First of all,by sorting out existing hypotheses and the private placement data,we learned the hot degree of the new third board private placement market.Second,through the collection the announcement of private placement data on the completion of the announcement date from May 2014 to December 2016,then carried out the mean test,learned that the existence of significant announcement effect.Furthermore,through the introduction of the consideration of whether the purpose of private placement for the project financing,conducted a one-way analysis of variance,learned that the conclusion of announcement effect of project financing oriented private placement is more obvious,and on this basis,the introduction of several other factors,Multiple regression analysis,joint study of its cumulative excess rate of return on the impact.Finally,on the basis of this and contrast with other A-share market directional issuance announcement effect of the results,informed the same and different of the two markets on the corresponding private placement announcement.The results of this study are based on the empirical analysis,literature analysis and comparative analysis of the paper,the suggestions for the participants of the new third board private placement,which put forward more standardized and effective suggestions for the investors,financiers and regulators of the new third board market.I believe that Investors should be cautious about every private placement program,financier should manage the enterprise well,regulators should improve the relevant private placement as soon as possible,then hope that we can contribute to the improvement of our new third board market.