Empirical Research On The Refinancing Way Of Influencing Factors And Refinancing Efficiency

Financing is an inevitable trend during the development of the listed company.Listed companies need to take into account many factors during the choice of financing way,but all of them want to achieve the minimum cost and the maximum profit.In terms of the research on corporate finance,it is still concentrated on the choice of financing preference during the initial financing,but the empirical study on the choice of refinancing way and efficiency is relatively little.This paper takes this as the breakthrough point to empirically detect the refinancing way's influencing factors and the refinancing efficiency of the listed companies.So as to provide the theoretical basis of reasonable choice for listed companies.This topic consults a large amount of information about the refinancing of the latest research at home and abroad.Synthesizes the data of RESSET,CSMAR and WIND CONSULTING databases.Select the latest sample data of listed companies that implemented Seasoned Equity Offerings,rights issue and convertible bonds between 2007~2013.On the one hand,through the theoretical analysis of the relationship between the influencing factors and refinancing way choice,build a binary logistic regression model to detect the significant influencing factors of the refinancing way for listed companies in our country.On the other hand,on the basis of theoretical analysis of the efficiency evaluation perspective,build a refinancing efficiency index system.Using two independent sample T-test,transversely compare the refinancing efficiency of different ways.At the same time,using two paired sample T-test to longitudinally compare the performance change before and after refinancing for listed companies.Test results show that:(1)Listed companies' refinancing have a clear " Equity Preference",furthermore,it could be said that "Additional Preference."(2)Different characteristics guide the choice of the listed companies' refinancing way.The listed companies of high growth and good operating capacity have preference for equity refinancing.Companies which have strong solvency,good profitability and pay more attention to control gains give preference to convertible bonds refinancing.Furthermore company's growth,profitability and ownership structure have a very significant influence on the choice of the refinancing way.(3)All company's performance has a different degree of decline after refinancing,especially rights issue company,the refinancing is inefficient.Convertible bond company's performance is best in the companies that implement refinancing.On the above research results,it is suggested that the refinancing of listed companies should combine their own characteristics,optimize the structure of refinancing.At the same time,design refinancing policy to better protect the minority shareholders' interests,and improve its own financing efficiency.