Research On Opportunity Of Directional Additional Issues Based On Market Timing Theory

As a tool of enterprise financing,private placement has been widely used in the operation of capital market.After more than 10 years of development,private placement has become the preferred financing method for listed companies in China.Therefore,it has attracted the attention of many scholars and become a hot spot for the study of equity refinancing behavior of listed companies.However,some researches have been done to study the private placement behavior of listed companies from the perspective of financial field,which can not fully explain some special phenomena of private placement.Based on the actual situation of our capital market and the influence of our capital market policy and supervision,this paper analyzes the market timing selection behavior in the process of China’s listed companies.It is found that the market timing behavior of listed companies is the timing of stock price and policy supervision because of the regulation of stock market approval system.Based on the example of listed companies in 2012-2017,this paper studies the influencing factors of the market timing behavior of listed companies in China by means of empirical analysis.Firstly,this paper introduces the research background and significance of this article,and introduces the research results and related theories and concepts at home and abroad.In the empirical part,using multiple regression models,based on the overall sample,we study the timing selection behavior of China’s targeted increase from two dimensions: stock price timing and policy regulatory timing,and further divide the sample into manufacturing and non-manufacturing industries according to industry.Thecharacteristics ofmarket timing behaviorof listed companies indifferent industries areexamined.The research results of this paper show that there are obvious market timing behaviors in the process of targeted issuance of listed companies in China,which is manifested in the timing of stock price and policy supervision,and there is no significant difference in market timing behaviors in the process of targeted issuance of listed companies in different industries.It is helpful to study the factors that influence the timing choice of China’s listed companies to implement private placement financing.At the same time,it has a certain reference significance for relevant departments to introduce and improveregulatory policies.