Research On The Excess Rate Of Return Of Investors Participating In Private Placement Under The New Regulations

Since 2020,a large number of listed companies that have implemented fixed growth have come from popular market segments such as new energy vehicles,lithium batteries,photovoltaic,chip semiconductors and high-end equipment.After the new regulations on private placement,the financing threshold is lower,and the provisions on subscription methods are broader,which has increasingly become an important means of refinancing for listed companies.By combing the domestic and foreign theories and research of private placement,this paper reviews the refinancing market of private placement in recent years,and then studies the excess return rate of private placement in the primary market.The following empirical assumptions are put forward:(1)the more serious the information asymmetry is,the higher the discount rate of private placement is.(2)The higher the proportion of major shareholders participating in private placement of new shares,the higher the discount rate of private placement.(3)For companies with large-scale private placement,the higher the discount rate of private placement.It is easier to obtain the excess rate of return(4)listed companies with perfect corporate governance are easier to obtain the excess rate of return.(5)After the new regulations on private placement,insider trading still exists in the private placement market.Through the decomposition of the excess return rate of private placement:set the discount return rate of private placement,the return rate of lock up period and the excess return rate as the explanatory variables.Set the shareholding ratio of major shareholders before private placement,the size of fund-raising scale and the proportion of fixed increase of major shareholders as explanatory variables in the issuance stage of private placement.Set the asset size,leverage ratio,return on net assets and accounting investor protection index of the private placement company as the explanatory variables of the fundamentals of the private placement company.The price earnings ratio,market sales ratio and net income per share of the private placement company are set as the explanatory variables of the valuation of the private placement company.Setting excess Cumulative Return and relative turnover rate as the behavior of private placement may have explanatory variables of insider trading.Set the issuing object,industry classification and the nature of company ownership as the virtual variables of private placement.Establish multiple regression model and test the correlation.The basic data of this paper is based on the disclosure of historical private placement cases in wind and choice databases.Through screening reasonable samples,a total of 348 samples are obtained.After analysis,several important conclusions are drawn:(1)industry factors are the most important factors affecting the excess return rate.(2)Market value factor is an important factor affecting the excess return.(3)The proportion of major shareholders participating in the subscription of private placement is an important factor affecting the excess return.(4)Companies with relatively perfect corporate governance can obtain higher returns after private placement.(5)Insider trading exists in the current private placement financing market.(6)The ownership structure of private placement companies has no significant impact on the excess return.Through the empirical analysis of the data of private placement after the new regulations,so as to analyze the excess return,it can provide its own theoretical support for the regulatory authorities to continuously improve the mechanism of the capital market and launch a more reasonable private placement system,so as to establish a better,more suitable for the development of the times and more fair capital market system.