| In 2005,after the reform of non-tradable shares in China,restricted shares appeared in the a-share market.The research of domestic scholars focuses on the impact of the lifting of restrictions on share prices on the whole,while there are few studies on the impact of restrictions on private share sales on private share sales.The number of restricted shares has gradually increased in recent years,with the proportion of total share capital increased from 9.54%in 2013 to 14.46%in 2017,indicating that the market position of restricted shares has gradually increased.With the rapid development of private placement,the proportion of private placement of restricted shares to be lifted from 12.35%in 2013 to 50.09%in 2017,resulting in changes in the internal structure of the total restricted stock.The characteristics of private placement make the private placement of restricted shares in the process of lifting the ban often encroach on the interests of the problem,so that the private placement of restricted shares lifting the impact of the stock price is different from other restricted shares lifting the ban.As for the private placement,scholars at home and abroad have studied its announcement effect,financing efficiency,long-term corporate performance and other aspects,such as Gu Haifeng,Wudi(2014)study found that the private placement announcement of Listed Companies in China has significant positive stock price effect,Huang Xiaowei(2014)study found that private placement will lead to the stock.Long term and low performance,but there are few studies on the lifting of restrictions on private placement of restricted shares.Based on the above background,this paper studies the issues related to the lifting of private placement restricted shares.In theory,this paper has improved the research on restricted stock and private placement.Meanwhile,it has supplemented the supply and demand theory within the range of the lifting of restrictions on private placement.It shows that the price will decline after the increase of stock supply,laying a foundation for the later investor cognition theory.In reality,the research on the lifting of restrictions on private placement can make secondary market investors understand the changes in stock prices before and after the lifting of restrictions on new shares,and help them make reasonable investment decisions.It also provides empirical evidence for the regulators to strengthen the supervision of the behavior of major shareholders,protect the interests of small and medium-sized investors and improve the relevant policies of private placement.Through the event study method,this paper studies the excess return rate before and after the lifting of the overall private placement restrictions,and finds that the lifting of the restrictions brings significantly negative excess return to the stock price.The cumulative excess return rate during the window before the lifting of restrictions(t-10,t-1)is-3.0939%,and the impact is mainly reflected before the lifting of restrictions.After further grouping and comparison,it is found that,first of all,the dissolution of private placement limited shares with a limited period of 12 months has a bigger impact on the stock price than that of private placement limited shares with a limited period of 36 months.Secondly,compared with the main board market and the growth enterprise market,the listed companies in the small and medium-sized board market have the greatest impact on the lifting of restrictions on private share issuance.Finally,considering restricted stock suspension to the stock market rise stage and decline stage of the impact of stock price is different,before the ban on larger effects on the latter’s share price,but after the ban,the latter’s share price recovered,and the cumulative excess yields in(T+0,T+10),(T+0,T+20)window period is significantly positive,which shows that the difference between the two is focused on the tyre.Then,this article also use multivariate linear regression analysis on the main factors influencing the cumulative excess excess yields by regression analysis,found before the ban on the independent variable to explain effect from strong to weak,in turn,to release features,the stock market,the company,and after the ban on the interpretation of the independent variable role from strong to weak,in turn,characteristic,release characteristics,the stock market for the company,a further sign of consider the effects of restricted stock suspension reaction in advance.In the research process,the possible innovation points of this paper are shown in the following two points:firstly,the sample is divided into groups according to the restricted period,market sector and stock market,and the impact of the lifting of the restrictions on private share issuance is compared and analyzed,so as to obtain the similarities and differences of the effects of the lifting of restrictions on private share issuance under different circumstances.Secondly,it is in the private placement restricted stock before and after the ban on factors affecting the average cumulative excess return of study,this paper select on behalf of the company feature of company assets and return on net assets,the representative of the release of the release characteristics of scale and proportion of release,and on behalf of the market economic characteristics of the stock market as independent variable,in the Angle of three influence factors were analyzed.Due to limitations in terms of ability and time,this paper only studied the lifting of restrictions on private share issuance from 2015 to 2017,with a small time span.At the same time,the independent variables selected in the regression analysis of the cumulative difference rate of return are rough and incomplete,and the interpretation degree of the change of independent variables needs to be improved.Finally,the stock market standard is not clear. |
