上市公司股权再融资前后经营业绩变化及其影响因素研究.pdf

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1、AbstractWiththecontinuousdevelopmentofChina'ssecuritiesmarket,thescaleoftheequityrefinancingisconstantlyrising.However,moreattentionisputonthequestionsuchaswhetherthecapitalwhichwasraisedbytheequityrefinancingofthepubliccompanycouldbeintherightway,andhowthecorporatebusinessperformanceafter

2、theequityrefinancing.Thispapertriestoadoptthecombinationtheoryofthetheoryanddemonstrationtoanalyzechangesofthecorporatebusinessperformancebetweenbeforeandaftertheequityrefinancingandinfluencingfactors.Basedonreviewandevaluationofthechangesofthecorporatebusinessperformanceaftertheequityrefi

3、nancingathomeandabroad,thispaperusedtheownershipconcentrationtheory,freecashflowtheoryandagencycosttheoryasthetheoryfoundationtostudythereasonsofthedeclingoftheperformanceaftertheequityrefinancing.Andthengivesasummaryoftheequityrefinancingcurrentsituationathomeandwitythedescriptivestatisti

4、calanalysistodescribethechangesofthecorporatebusinessperformancebeforeandaftertheequityrefinancing.Finally,thechangeofoperationperformanceoflistedcompaniesinthreeyearsafterreckoningrefinancingbystudyingtheissuanceoftheChina'sA-shareandplacementoflistedcompaniesin2008-2010Chinaisstudied.And

5、analyzethetrendsofoperationperformanceaftersharerefinancingbydescribingstatisticswithmultiplelinearregressionmethod.Itwasfoundthatthehigherthedegreeofsharesconcentrationlistedcompanieshavebeforetheyimplementsharesfinancing,thebettertheyperforminrunningafterequityrefinancing,andthemorefreec

6、ashflowthelistedcompanyhavebeforere-equityfinancing,theworsetheyperforminrunningafterequityrefinancing.Andifthelargestshareholderisstate-ownedenterprises,theywillhaveverybadperformanceinrunningafterrefinancing.Analyzedthedeepcauseofdownturnofoperationperformanceaftersharesrefinancinginthis

7、thesisbycombiningwithenvironmentandowncharacteristicsoflistedcompaniesinChina'sstockmarket.Andproposedthepolicysuggestsforlistedcompanytoelevatetheirachivevmentsafterfinancing,whichisbeneficialtoimproveVandstandardizethebehavioroflistedcompaniesinournation,and