Abstract: In the process of equity refinancing, whether the company has market timing is a hot issue in the academic circle.This paper investigates market timing behavior of company′s private placement and its influence on price discount and firms′ long run share price performance based on China′ s listed companies from 2006 to 2016. The paper finds that firms timing the choices of pricing ex-date and stock issue date,no matter what the type of private placement is, only the market timing ability of pricing ex-date affects the company′s long run share price performance; for private placement for controlling shareholders and institutions, listed companies affect the discount rate by choosing the base date of pricing and the issuance date, respectively;for mixed private placement, the timing behavior of listed companies has no significant impact on the discount rate; for institutional or mixed private placement, the long-term excess return of the stock price of listed companies is negative, and the stronger the timing ability of the pricing benchmark, the worse the long-term performance of the stock price.The above research results deepen the understanding of financing timing behavior of listed companies in China, and provide a reference for improving the formulation of pricing rules for private placement and strengthening the protection of the interests of small and medium-sized investors.

Key words: market timing of private placement, price discount, share price performance