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The paper chooses the listing Corporations which refinanced from June 1, 2006 to December 31, 2014 as samples to test and compare the announcement effect of five refinance modes, which are public issuance, non-public issuance, allotment and issuance of corporate bonds, and convertible bonds. Study has showed that the announcement effect of non-public issuance is positive and allotment is negative in large confidence degree, while public issuance and convertible bonds issuance show negative in a lower confidence degree, and issuance of corporate bonds isn’t significant. Therefore, China’s capital market favors non-public issuance most and regard convertible bonds as substitute, think allotment bearish widely, while see light issuance of corporate bonds. So, we must develop incentive effect of convertible bonds, Strengthen corporate debt’s constraint mechanism, regulate the behavior of the big shareholders in allotment. It is found refinancing information leakage phenomenon in empirical research which should cause the attention of regulators.

A Comparative Study of the Refinancing Announcement Effect of Listing Corporation in China