Study On The Refinacing Capacity And Performance Issues Of The Listed Companies In China

SEO (Second Offering) refers to a listed company through share placements, and the issuance of convertible bonds issued in the stock market and other ways of direct financing. The listed companies' SEO has played a larger role in promoting the development of China's listed companies. SEO of China's stock market receives more and more attention. However, due to various reasons, the SEO of listed companies there are still some problems not to be neglected.The domestic and foreign predecessor's academic achievement has been reviewed and appraised systematically in this article, moreover, in light of China's Shanghai and Shenzhen A-share market development characteristics, it has been indicated that the A-share market should be anlalysed from the perspective of resource allocation. On the basis of analysis of the refinancing manner and refinancing conditions of listed companies, View the Shanghai and Shenzhen stock markets in China, analysis of countermeasures.In this paper, I made a clear definition for the Refinancing Ability of listed companies, discussed the significance of further improve the Refinancing Ability of listed companies, analylized major factors which impact on the Refinancing Ability of listed companies; I made a clear definition for the Refinancing Performance of listed companies as well, then, analylized the significance of the Refinancing Performance evaluation of listed companies; I analylized the relationship between the Refinancing Ability and the Refinancing Performance of listed companies, came to a conclusion that there was a phenomenon of "re-financing capacity departure from the refinancing scale" in Shanghai and Shenzhen A-share market, and pointed out the necessity of empirical analysis; Empirical the Re-financing Profitability and the Refinancing Ability of the listed companies in the China's capital market was on a downward trend before 2004, and revealed the importance of relative evaluation for the Re-financing Profitability.In this paper, I use time series model of the A-share market to the average level measurement analysis, in the light of the evaluation of practical problems the stock market, come to the PDL refinancing Performance Evaluation Model, use the average level as a reference to evaluate the performance of listed companies' SEO.The main conclusions reached in this paper are: the performance of listed companie should be raised; the performance evaluation method compared to the average level is an effective way of refinancing Performance Evaluation; Before 2004 the re-financed listed companies used less funding for enhanced sustainable profitability of theirslves or funds used poor results. Before 2004, the A-share listed companies refinancing overall sustainable profitability of listed companies contrary to the growing size of refinancing; The efficiency of allocation resources of capital market is too low;The Re-financing Profitability and the Refinancing Ability of the listed companies in the China's capital market was on a downward trend before 2004;we should use a more dynamic evaluation method to evaluate the Re-financing Profitability of the listed companies, etc.