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A Comparative Study of Effect of Private Placement for Companies with Different Styles of Ownership:An Empirical Analysis Based on Event Study
Author(s): 
Pages: 39-47
Year: Issue:  6
Journal: Humanities & Social Sciences Journal of Hainan University

Keyword:  ownershipprivate placementexcess return;
Abstract: With the companies implementing private placement in A share market of Shanghai Stock Exchange from January 1,2006 to December 31,2014 as the samples,the paper empirically tests the short-term announcement effects and long-term wealth ones of private placements among the companies with different styles of ownership. The result shows that,average excess return and cumulative average excess return after private placements of the state-owned listed companies,both in the short run and in the long run,are inferior to those of nonstate-owned listed ones,and the longer the time lasts,the sharper this difference will be. Therefore,it is suggested to actively support private placement at the level of policy,continually promote the mixed ownership reform of state-owned enterprises,and meantime restrain the top executives of private enterprises from maliciously cashing out at a high level.
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