The paper chooses the listing Corporations which refinanced from June 1,\n2006 to December 31, 2014 as samples to test and compare the announcement\neffect of five refinance modes, which are public issuance, non-public\nissuance, allotment and issuance of corporate bonds, and convertible bonds.\nStudy has showed that the announcement effect of non-public issuance is\npositive and allotment is negative in large confidence degree, while public issuance\nand convertible bonds issuance show negative in a lower confidence\ndegree, and issuance of corporate bonds isnâ??t significant. Therefore, Chinaâ??s\ncapital market favors non-public issuance most and regard convertible bonds\nas substitute, think allotment bearish widely, while see light issuance of corporate\nbonds. So, we must develop incentive effect of convertible bonds,\nStrengthen corporate debtâ??s constraint mechanism, regulate the behavior of\nthe big shareholders in allotment. It is found refinancing information leakage\nphenomenon in empirical research which should cause the attention of regulators.
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