Research on the Effect of Private Placement Object on Operating Performance of Listed Companies

摘要

This paper takes 101 listed companies of private placement in China in 2013 as the sample, and uses factor analysis to analyze the performance of private placement companies. Sample Firms will be divided into two categories: to the controlling shareholder or the related party of the private placement of listed companies and new investors to the private placement of listed companies, further analysis of the impact on the performance of the company by the private placement. Empirical results show the private placement of listed companies has a significant role in improving the performance of seasoned equity offerings, and has a positive impact on the performance of the next year; the performance of the private placement to the controlling shareholders or related parties is better than that of the new investors.