The Effect of Stock Refinancing on Company Performance of Listed Companies-Evidence from China
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The management in the process of the company's financial management activities is a classic proposition of the company's financial management. The main sources of capital raising for listed companies are internal capital raising and external capital raising, including internal retained earnings and external equity and debt financing. Equity refinancing, as a major financing method, has been widely concerned by companies and scholars. On the basis of the existing research, this paper uses the data of listed companies in China's a-share market from 2013 to 2017, using the independent sample t-test empirical research method, this paper discusses and studies the Equity Refinancing of listed companies, the results show that the performance of the listed companies in one year, two years and three years after the issuance of seasoned equity offerings, rights issues and convertible bonds shows a downward trend.
Equity refinancing, Market timing, corporate performance, Sample t test