Analysis On Present Situation Of Refinancing Of Listed Companies And Research Of Ensued Governance Strategies

There are lots of problems in the refinancing market, which greatly influence the efficiency of resource configuring function and the justness of financial market. The suspension of refinancing due to the commencing of equity division reform is going to be relieved. Therefore the refinancing market is need of further governance and formalization.This article takes formal method to study refinancing and its ensuing governance strategies of listed companies. Firstly, the paper reviews the present situation of oversea and domestic study on this issue. I find that there is hardly any study focusing on refinancing by oversea scholars. And the mainstream of western financial theories is discussing issues general financing, because they believe that the growth of a company is coherent process, while refinancing is merely one part of it, so refinancing is not a dependent issue. Western financial study stresses two aspects that one is how to choose financial instruments, the other is the influence of financial tools upon investors'interest. By and large, domestic research findings focus on factor analysis for the influence on capital structure, the relations between corporate governance and financing, relations between financing cost and the financing methods, relations between financing and corporate performance, etc. Refinancing research is mainly in the choosing of refinancing methods; relations between refinancing and earnings control, optimization of shareholders'structure, and the variance of corporate performance after financing.Subsequently, this paper discusses the choosing of refinancing methods and...