A Study On Impact Of Stock Price Informativeness Upon Orienteering Discount

Stock price informativeness is used to measure the non synchronization of the company's stock price and the market trend,The information content of the stock price is the embodiment of the company's information transparency on the market,it can reflect the degree of information asymmetry in a company level,and it is an important indicator to measure the efficiency of resource allocation of capital market.Since the opening of the financial securities market,the capital market related policies and systems continue to be improved and strengthened,corporate financing means become relatively more and more,private placement as an important means of financing of non-public offering of shares of the company to the market,because of it conveys the company's positive information and the stability of the shareholders' structure to the market and etc.,ir become more and more popular with big companies.but with this way of financing is larger issued at a discount,the market failure caused by this characteristic is also widely criticized,even in recent years,the majority of our institutional investors to grasp the characteristics in order to locking the discount rate directly to the higher discount rate project short-term arbitrage,this behavior will undoubtedly to become a major factor in the inefficient allocation of resources,so the study of the causes of private placement discount can not only enrich the relevant academic literature in China,but also the current situation of the capital market makes it more meaningful in the times.Based on previous research results,from the perspective of the information content of the stock price,my peper anlysis the reason of the directional increase discount,discusses the information disclosure of enterprise itself affects the quality of the market,from the enterprise level gives the improvement of capital market efficiency,and rigorous proposed heterogeneous beliefs'impact of directional discount based on the rich the asymmetric information explanation of SEO underpricing literature.This paper reviewed the domestic and foreign orientation of the information content of stock price,discount,information asymmetry,heterogeneous beliefs and analysts tracking following the relevant literature,and based on the asymmetric information hypothesis,from the perspective of the information content of stock price research the relationship with the discount of private placement,further study to collect information cost explanation on the private placement discount.Based on behavioral finance theory,heterogeneous beliefs as the influence of another path relationship,comprehensive considerate the relationship of the both.On the basis of information asymmetry theory,effective market theory and behavioral finance theory put forward the research hypothesis,use the issue sample of bidding companies placement from year 2007 to year 2015 as research samples,according to eastmoney.com private placement of listed company information,WIND database placement information and cninf private placement of listed companies,empirical test the influence of stock price informativeness of directional discount.The results showed that:(1)the information content of stock price positively influences the SEO weighted average price,so negativly affects the SEO discount rate;(2)the information content of stock price negatively affects SEO heterogeneous beliefs,so positively influence SEO discount rate;(3)the information content of stock price negatively affects the private placement discount rate,that is to say the higher stock price informativeness of the listed companies,the lower of private placement discount,means that between two paths of(1)and(2),(1)dominated;Besides,by selecting analyst tracking as moderator,we also find that analyst tracking information content can effectively mitigate the impact of stock price information content on SEO discount.Finally,respecting to the deficiencies and limitations of this paper,we put forward some new suggestions in measuring the information content of stock price and explaining the specific path of SEO discount based on information asymmetry.