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Abstract
Abstract
Astheearliest of thereleaseoftheSecurities
recoveryrefinancing，since
withthe and
issuance of
Issuance，privateplacement，comparedpublic placement
sharesandother toits audit
equityrefinancing，duesimpleprocedures，lowfinancing
costsand ofsuccessful mostfavoredlisted
highpossibilities issuing，are by
scholarshavestudiedthestockabnormalreturnscaused
companies．Many by。it，but
therearea few researchesonthe factorsoftheissuance
empirical impact
announcementeffect．This to thefactors issuance
paperattemptsanalyze affecting
announcementeffectmore inChina’SA—sharemarket．
comprehensively
Thearticlefirstusetheefficientmarket aswellasdomestic
capital hypothesis
and mainstream to theeffectof
foreign hypothesisanalyzetheoretically private
on effectofmarket
placement，focusing situation，additionalobjects，
discussing：the
motivesaswellasthe ofinvestorsentimentontheissuanceannouncement
impact
effect．
Inthis listed inChina’Ssharemarketwhich
paper，494companies implemented
the and 10arechosenas
between2006 December20 the
privateplacementMay
first
themethodofIevent examinetheexcessreturnsof
samples，byusing
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