| In recent years, as the determination of the government to strengthen its supervision is increasingly firm, the supervision of securities market is strengthened constantly and the misconducts of some listed companies are exposed frequently, the securities market falls into a trust crisis. Especially in the second half of 2001, no sooner had the decisions of rationing shares been announced than stock price dropped at the sound. By the day of rationing shares, the stock price had already fallen under the price of rationed shares, and then the price of rationed shares had to be lowered again and again. As the news of additional issue was released, it soon caused the raging waves of sell-off; therefore, most ones had to stop issue additionally; moreover, there is few people showing any interest in the supervision of companies' issues. The refinancing of listed companies had been very hard to carry on. In new historical period, how to deepen refinancing reform of securities market, standardize financial behavior, set up scientific and rational mechanism of financing, realize the financing of the listed companies and normal reciprocation are the main subjects that this text should probe into. In virtue of the theoretic and positive methods of western mature securities markets, this text studies and analyzes the refinancing behavior of the listed companies of our country in a relatively systematic way. Basic thoughts: aiming at ill refinancing behavior and pessimistic view of the listed companies in securities market, it studies thoroughly and systematically the refinancing behavior of the listed companies. Theoretically, Firstly, the thesis points out that refinancing of the listed companies has a rational and objective realistic foundation and it is a normal behavior that the listed companies request refinancing. But only several problems of refinancing behavior are solved and can guarantee the standardization of refinancing behavior and gain a higher rate of capital utilization. Then it goes on studying the western securities markets, mainly of U.S.A., e.g. how they realize standardization of the refinancing behavior, how it protects investor rights and interests in terms of the system and supervision and how it boosts the performance of listed companies after refinancing. Going back to the view of securities market of our country , it studies thoroughly and deeply the process of the refinancing, characteristics, performance, as well as the problems and causes of inferior performance, especially the origin of the system and the mechanism. Lastly, taking the experience of western mature securities market and the reality of China's securities market's development as a reference, it proposes that China's securities market should set up scientific and reasonable refinancing mechanism step by step and promote the optimization of market resources and its efficiency.The article has three parts: The first part is the general study of the refinancing behavior. The author proceeds with theoretical foundation of refinancing, analyzes the financial meaning and practical foundation of refinancing of the listed companies, uncovers the rationality and objectivity of the requests for refinancing behavior, shows the methods of refinancing, pricing mechanism and then brings forward several problems of refinancing behavior that should be solved by the listed companies. It studies thoroughly the refinancing mechanism of western securities market, mainly in U.S.A., which includes market access, market restraint, performance, etc. The aim of the study is to supply a systemic reference for China's securities market with relatively perfect and sound refinancing mechanism.The second part is the study on refinancing behavior of the listed companies of our country. The part includes the development of therefinancing of China's listed companies, the current situation of development, the trend and characteristics of refinancing market. And it puts emphasis with a sample on the listed companies' performance... |
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