Listed Companies Financing Problem

Extended reproduction is the necessary way of enterprise's existence and development in modern economy conditions. Furthermore, along with the larger enterprise scale and the deeper multi-industry, enterprise payoff that accumulates by them cannot fulfill the requirement of enterprise development any longer. So whether enterprise can obtain funds from outside has become the key "bottleneck". Especially, in our country that was short of production capital, the difficulty of enterprise's financing always constrains the economy entire development and affects directly all kinds of departments and enterprise. It means that enterprise's financing from outside is the problem that deserves research deeply.Generally speaking, according to the relationship between enterprise financing and financing ways, the enterprise financing from outside can divide to direct and indirect way. The dissertation only discusses the indirect financing way and emphasizes on the list company's re-financing and related investment after IPO. There are two reasons why the dissertation researches on the list company's re-financing. One is the list company has many disadvantages and characteristics on financing way compared with other company, the other is the improvement of finance environment make the list company obtain funds easier and bring new problems about re-financing and investment.The dissertation will describe four parts of content, including re-financing scale, ' re-financing price, re-financing mode and re-financing benefit by demonstration and theoretic analysis and try to open out the problem and the reason causing these problems in the list company's re-financing.The first part of the dissertation mainly detail the basic situation about re-financing of the list company, including development situation, the relationship between re-financing and investment and characteristic analysis.The second part will research on the general and individual scale ofre-financing and emphasize on the factors that influence on the general scale.The third part will mainly study on the re-financing price, including the demonstration analysis of factors affect on it, the relationship between the individual scale of re-financing and it and the influence on all kinds of shareholder that affected by it. In addition, there will be given the question on excess re-financing of the list company and related theoretic resolution.The fourth part will discuss "preference of share re-financing" in the selection process of re-financing way and prove existence of the problem and the factors that cause the problem.The fifth part will research on the investment benefit of the list company's re-financing and prove the descend of investment benefit and related reasons.The last part will draw the general conclusion of the dissertation and give some suggestions to the list company's re-financing.