Research On The Short-term Market Response Of The Listed Companies In The Basic Chemical Industry

With the continuous development of China' s capital market,the demand for funds by listed companies has risen sharply.As a relatively simple and fast financing method for the refinancing of listed companies,private placements are highly favored by all companies,especially in recent years,in the capital market.The number of private placements only increases,and because it is closely related to " asset reorganization ",each announcement of this event has attracted much attention from the market,and the secondary market will fluctuate due to the private placement announcement issued by listed companies.Happening.In addition,due to the rapid development of private placement,the China Securities Regulatory Commission standardized the refinancing of listed companies in China for the first time in 2006 in order to stabilize the market,and updated the specification again in 2016 and 2017.The main specification object is directed private placement.Then,the private placement of listed companies can cause widespread concern of the market and the regulatory authorities.What kind of influence does it have on the market?In order to be able to carry out in-depth research and discussion on this issue,this paper selected the basic chemical industry that belongs to various industry representatives on the frequency of private placement and financing scale as the research object.Through the study of literature,the use of event research method and multiple regression analysis were selected.Law,the issue of additional market response in the industry and data analysis.Due to the high frequency of this event and the number of announcements,in order to eliminate the interaction between multiple announcements,this paper will select the preannouncement date and release announcement date as event research points and select the window period of[-5,10].the study.In addition,in order to compare the market reaction at the time of each announcement of the targeted additional issuance event,this paper will,select the preannouncement date and the release announcement date as the event research point,and select seven factors that may affect the market reaction further research.Finally,it is concluded that the targeted increase in the listed companies in the basic chemical industry has a positive market response.At the same time,the market reaction on the preannouncement date is significantly stronger than the issuance announcement date,and information leakage has occurred before the preannouncement date.The method and degree were further analyzed.Finally,combining the conclusions with the maintenance of small and medium-sized investors,this article puts forward relevant recommendations to the securities regulatory department,the management of the listed company,and investors in the capital market,respectively,in order to further regulate the private placement in the capital market and prevent the use of the The incidents manipulate the market and seek private gains,which in turn harm the rights and interests of small and medium investors.