| Table of figures and tables | 第1-6页 |
| Abstract | 第6-7页 |
| 中文摘要 | 第7-30页 |
| 1. Introduction | 第30-32页 |
| ·nstitutional and regulatory environment | 第32-39页 |
| ·Regulations of existing equity refinancing methods in China | 第32-35页 |
| ·Process and information disclosure of private placement | 第35-36页 |
| ·The non-tradable shares reform and liberalization of Chinese stock market | 第36-38页 |
| ·Private placement as a means for public listing of connected firms' assets | 第38-39页 |
| 3. Literature review | 第39-45页 |
| ·Ownership structure,firm value and private placement | 第39-40页 |
| ·Information asymmetry and private placement | 第40-42页 |
| ·Investor characteristics and private placement | 第42-45页 |
| 4. Data and summary statistics | 第45-54页 |
| ·Sample construction | 第45-46页 |
| ·Summary statistics | 第46-54页 |
| 5. Stock-price reactions of announcement,issue and ban lifting | 第54-63页 |
| ·Stock-price reactions of announcement | 第54-60页 |
| ·Stock-price reactions of issue and ban lifting | 第60-63页 |
| 6. Cross-sectional regression of discounts and cumulative abnormal returns | 第63-78页 |
| ·Variables | 第63-68页 |
| ·Explanatory variables of privale placement discounts | 第63-67页 |
| ·Explanatory variables of markel reactions | 第67-68页 |
| ·Correlations of explanatory variables | 第68页 |
| ·Cross-sectional regressions of private placement discounts | 第68-74页 |
| ·Cross-sectional regressions of cumulative abnormal returns | 第74-78页 |
| 7. Conclusions | 第78-80页 |
| Appendix | 第80-82页 |
| References | 第82-86页 |
