A Listed Company Refinancing Funds To Use Effect

The corporation of china was refinanced more and more capitals from stock market In 2001, the capitals of refinancing amount to the capitals of IPO. The refinancing is one of important manner of distributing resource. But the refinancing exists many errors like the errors of IPO, example for the liability of equity capital financing, the control of profit, many capitals leaving unused and so on. Some corporation transferred the assets by the relation exchange with parent company. Then it is the paper's main contents.The first part is the research actuality, the compare of all kind of refinancing and status of refinancing. It is prepared for next part in theory. The liability of refinancing of the corporations influenced the structure of capital, then the structure influenced the performance of corporations.The second part is the research on statistic and experience about the liability of equity capital financing, the control of profit and so on, then put forward the suspicion of the utility of refinancing capitals. At last it open out the systemic rootstock of the refinancing errors for next part.The third part is demonstration analysis about the utility of refinancing capitals. The manner of the analysis is means test, correlation analysis and linear regression. The conclusion that the capitals of refinancing have been utilized in all by the corporation was bad.Finally part is suggests. It includes building an electronic system for votes of shareholders. It will solve the problem that corporations lack restriction. The advice also involve that corporation's mounting ratio of thc earning of main operation will be one of request which want to refinance.