Chinese Listed Companies Refinancing

The development of a company can't do without the expansion of the capital, and this expansion not only needs the capital's own accumulation, but also needs the gathering of capital. During the development of gathering capital, financing from the outside of the company is a very important way. As the company endogenous financing scale is limited, it can only give the company's capital a kind of reallocation, and can't bring the company a change in its capital structure. The scale of financing from outside is relatively heavy, and financing from outside has many ways. Also different kinds of financing way give a company different change of capital structure, furthermore, different financing way produces a different effect on a company's administration structure. In the process of studying refinancing, we have two kinds of theories: namely MM theory and agent cost theory . The state of MM theory and agent cost theory have nothing in common with each other, but they reflected an essential thing, that is the company administration structure is the result of fighting between the manager and outside investors, and they also reflect the conflict nature and consistency nature of the goal between the enterprise manager person and outside investors.In our country, with the change from the planned economic system into the market economy system, the financing system of the company has changed greatly too. The company financing way is changing from single financial financing and bank financing to many kinds of financing way, especially after entering the 1990s, with the development of security market of our country, stock right financing developed rapidly, which becomes the main financing way of the listed companies of our country. But our country's security market is not perfect at present, stock right financing has numerous problems. Under the situation, the influence that stock right financing gives to the listed companies has the deviation against the classical theory. This kind of deviation behaves mainly in thisway: the company's income is always falling after refinancing, and stock right financing dosen't have an impressive effect on the company's administration structure. The stock right with scattered name is still highly centralized in fact, and there are serious inside people control inside the company. This kind of phenomenon has a historical reason, therefore, in the process of analysing the refinancing of the listed companies, we must consider our country's actual conditions, and propose suitable financing way as well.This thesis proceeds from the classical theory, and combined our country's actual financing condition. In the course of studying, I compare the refinancing result of our country's company with the refinancing result of the traditional theory, I analyse the financing way of listed companies of our country and financing result, and I analyse the way our country's listed companies choose their financing way. In the end, I point out why our country lays particular stress on stock right financing, and the bad financing result is mainly because the cost of the stock right refinancing is lower than other refinancing ways, furthermore, the reason lies in our country's special stock right structure and the systems of enterprises. Therefore in order to improve the financing state of our country, we must change the special stock right structure of the listed companies of our country.This thesis pays special attention to the classical theory and reality. And on the basis of the classical theory, the article analyses the situation with a large number of facts and data. The main content and view of this thesis can be divided into three parts.The first part defines the relevant concept of financing, including the company's financing form, financing structure, the company's administration structure, and also has analyzed the inherent relation among the three. Then the first part gives a brief review to relevant theory of financing. Through the analysis of MM theory and agent cost theory, the aut...