The Rights Offering behavior and the results of empirical research
|Keywords||Listed companies Rights Offering Accounting performance The performance of equity returns|
Since the start development of China's securities market since the early nineties , the placement financing has been one of the main ways of listed companies , equity refinancing . In this paper, the analysis of the behavior and performance of the listed companies in China 's 1997-2000 implementation of the allotment , explore the motivation of a the different allotment behavior may be implied in the context of our particular system , the actors operating in combination with an empirical test , Trend analysis of the long-term performance of the listed companies in the Rights Offering . First , the analysis of the behavior of non- tradable shareholders different participation of Rights Offering . Non-tradable shareholders generally hold a larger proportion of the shares of the listed companies , listed companies have a certain ability to control , hold the first-hand information about the company . Through empirical test of the long-term performance of the company , found that non-tradable shareholders to actively participate in the placement of shares of listed companies have relatively good results, and that the different behavior from non - tradable shareholders to participate in the rights issue to grasp the listed company's operating condition and The development is expected . Second , analysis of the behavior of the different placement of shares of the listed companies in the use of funds . The allotment of funds is reasonable and proper use of the company to achieve the fundamental guarantee of placement of shares expected revenue and business development goals , direction of investment of funds from the rights issue , the investment plans and progress , as well as whether the allotment of funds for related party transactions were examined allotment of funds to use behavior the difference in performance between the company and the analysis of the differences in the results , to explore the long-term performance of the company may have the allotment of funds to use behavior trend . Finally, the analysis of the behavior of listed companies in the implementation of allotment the number of comparison test of several long-term performance of the placement of shares of the company and the company's time allotment differences , combined with the analysis of the test results and regression argument , to further explore the differences of the different behavior of the company's performance and trends. By the above aspects of the study , this article intends to give the investor 's investment direction to provide a reference , prompting a listed company also plans to be more careful , more reasonable and safe use of the allotment of funds , as well as the means of supervision of the securities regulatory authorities and put forward certain proposals .