Research on Long-term Performance of Private Placement of A-share Listed Companies in China

DOI

10.2991/essaeme-18.2018.65How to use a DOI?

Keywords

private placement, long-term financial performance, factor analysis

Abstract

This paper selects A-share listed companies successfully implementing private placement from 2015 to 2017 in Shanghai and Shenzhen as research sample. (Data source: Wind Information) Sample of ST and *ST listed companies issuing private placement is eliminated; sample of B-share companies issuing additionally A-share, A-share companies issuing additionally H-share and H-share companies issuing additionally A-share is eliminated; sample of financial listed companies issuing private placement is eliminated; retain all additional issuances that meets the additional issuance and that have not been reissued during the event period; sample of the major events influencing share price (significant asset restructuring, long-term suspension of major events, suspension of listing, issuance of convertible bonds, public additional issuance of new shares) occurred during the event period is eliminated; sample of financial data and transaction data that cannot be obtained is eliminated. This paper selects 9 financial indicators to conduct factor analysis, build and verify evaluation model of financial performance in the year of additional issuing, and the year before and after the year of additional issuing. The results show that private placement can increase the long-term performance of companies.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Jiaqi Jin
AU  - Yucan Liu
PY  - 2018/07
DA  - 2018/07
TI  - Research on Long-term Performance of Private Placement of A-share Listed Companies in China
BT  - Proceedings of the 2018 4th International Conference on Economics, Social Science, Arts, Education and Management Engineering (ESSAEME 2018)
PB  - Atlantis Press
SP  - 351
EP  - 356
SN  - 2352-5398
UR  - https://doi.org/10.2991/essaeme-18.2018.65
DO  - 10.2991/essaeme-18.2018.65
ID  - Jin2018/07
ER  -