Research On The Performance Of Chinese Listed Companies' Refinance

Capital markets exist to optimize resource collocation, which is a continuous process including raise and investment. Refinance includes internal financing and external financing. This paper researches on questions about performance of Chinese listed companies'refinance and proposes countermeasures on exaltation of Chinese listed companies'refinance level. Firstly, this paper researches questions in the process of Chinese companies'refinance. Questions in the process of Chinese companies'refinance mainly include: (1) structure of refinance is unreasonable; (2) unreasonable decision making existing in the process of refinance; (3) controlling structure of listed companies are unreasonable. Secondly, this paper researches influence of refinance on outstanding achievement of listed companies. Conclusion indicates that three kinds of refinance all improve outstanding achievements of listed companies, but time lengths of their effects are different (the effect of stock distribution is the most rapid and launch of switchover bond is most the slowest), and their counteracting abilities on negative influence of financial crisis are also different (stock distribution's counteracting abilities is the weakest, and launch of switchover bond is the strongest).Finally, this paper proposes countermeasures and suggestions on exaltation of Chinese listed companies'refinance level. In order to advance Chinese listed companies'refinance level, we should consummate listed companies'refinance system and optimize its structure. Countermeasures on exaltation of Chinese listed companies'refinance level include: (a)aggrandizement of management and intendance on negotiable securities; (b) restriction on using direction of capital obtained by refinance; (c) improving request on refinance. Countermeasures on optimizing refinance structure include: (a) sequentially changing stock-right prior of listed companies; (b) sequentially consummate management structure of listed companies; (c) enhancing efficiency of capital market.