Research On China's Listed Companies Equity Refinancing Perference And Performance

The split share structure of China's listed companies is perennial. Under this condition, there are two abnormal phenomena in China's listed companies'refinancing activities:first, China's lisyed companies prefer equity rsfinancing to other channel; second, the equity refinancing efficiency of the firms is low. All the time, domestic scholars have conducted a large number of studies. However, they from different point of view, there are no common view. The paper from the split share structur, do a deeply research about the equity refinancing preference and poor performance of equity refinancing in China's listed companies. At first, analyses the defect of split share structure, that is to say,"internal control"and"legal control"is very serious. The biggest share holder and managers earn the extra interesting with the cost of the low performance of firm's refinancing. So, the characteristic result in this condition what we have said. Subsequent, the paper on the basis of theoretical analysis, combined empirical research and comparative analysis, do regression analysis about 2002,2003,2004,2006,2007data, future support the conclusions of the theoretical analysis. At last, put forward corresponding measures about negative factors what still do harm for listed companies effiency after the split share structure reform.