Listed Companies Ownership Structure And Stock Market Refinancing Of Selection

Refinancing in securities market of listed companies is an important way that a market economy achieves optimal allocation of resources function. Selecting a reasonable means of refinancing is an important prerequisite for the stock market to function effectively in the long-term. As Henrik Cronqvist and Mattias Nilsson (2002) said, there were a lot of literatures about the refinancing of listed companies but rarely about the specific choice of ways to refinancing. The reason is that the refinancing means is almost add-issuance and no rights issue since the 1960s in United States and listed companies do not have to choose the means of financing. However, listed companies still face the choice among add-issuance, rights issue and convertible bonds in the developing countries, particularly in China. Therefore, it is still of practical significance that we research choice of the means of refinancing in China.We believe that the interest of the listed companies received different benefits by different ways to finance the benefits. So, the interests have different preferred mode of financing under different considerations for their own interests. There are three patterns of refinancing, add- issuance, rights issue, convertible bonds, coexist now. It is encourage the various stakeholders to express their interest demands by choice the ways of refinancing. To this end, we tested different proportion of shareholders holding in different ways of refinancing to explore various Shareholders' attitude towards the different financing methods.There are a brief introduction to the financial significance of financing, the comparison to the three modes of refinancing and the refinancing theory of the securities market in Chapter 1 and the development of listed companies refinancing, the major problems of listed companies refinancing, the reasons for the choice of the refinancing modes in Chapter 2. In Chapter 3, we do positive analysis, and draw a conclusion by researching the relationship between the shareholding structure of listed companies and the choice of the mode of refinancing and make some commendations for regulating the listed companies refinancing of Chinese securities market.