The Empirical Study on the Relationship between Listed Companies’ Private Placement and Operating Performance
—Based on the Empirical Data from 2009 to 2014


After the generation of private placement system, it is popular with the securities market and listed companies, it has become one of the main channels for enterprises to carry out equity refinancing, domestic scholars’ studies mainly focus on the purchase discount, big shareholders’ profit transfer problems, and problems with the company’s short-term effect, articles about private placement and operate performance are not enough, conclusions are also different, so it is very necessary for the empirical study on the relationship between listed companies’ private placement and performance by using the private placement experience of western countries and combining the reality of the capital market’s development of China. In this paper, by using factor analysis method and using Chinese A-share listed companies who have implemented private placement in 2010 as the samples, through calculating the samples’ comprehensive performance score from 2009 to 2014 and its average ranking non-parametric test, the results show that whether in the short or long term, private placement has a negative effect on companies performance, but the effect is not significant in statistics, the results will be more of reference value and practical significance, this paper will be beneficial for investors, the market regulator and the private placement’s follow-up study.

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Wang, G. and Li, Y. (2015) The Empirical Study on the Relationship between Listed Companies’ Private Placement and Operating Performance
—Based on the Empirical Data from 2009 to 2014. Open Journal of Social Sciences, 3, 59-66. doi: 10.4236/jss.2015.310009.

Conflicts of Interest

The authors declare no conflicts of interest.


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