China's Listed Companies Refinancing Mechanism

That the listed company utilizing the security market to refinance is its important way to develop continuously and expanding fast, is also the Stock market that gives play to and optimizes the function means of resource distribution .In 2001,the total amount that listed company refinancing of the whole year exceed the Fund-raising volume through IPO for the first time; it is once the Outstanding phenomenon that "keen on share-rationing""keen on seasoned Equity Offering".At the same time, Some questions have appeared in the listed company, Some listed companies regards rationing shares, seasoned Equity Offering"as the " enclosing the money " means, The refinancing mechanism is twisted seriously. Investors generally hold the attitude of objection to the refinancing, once the listed company puts out the purpose of refinancing , circulating stock shareholders are by " voting with the foot " one after another. The domestic scholar is since paying attention to listed company's Preferring Stock-right Financing studying to pay close attention to the listed company and refinance. After especially entering 2000, Behavior characteristic of refinancing around the listed company, the structure of refinance, tactics choice of refinancing and result that the fund utilizes of listed company carry on research, Research on the refinancing mechanism of our listed company seems relatively weak to carry on.. The western financial circle study on enterprise's financing problem begins relatively early, and has made the theory achievement of the comparatively ripe system, but they have few to research which the listed company of our country finance again. This has offered a realistic foundation and space for the fact that this text proceeds with mechanism and studies the perfection that the listed company of our country refinances. The full text is divided into three major parts altogether besides foreword and conclusion: First part ,The mechanism goes on the theory to analyse to refinancing of the listed company. This is a theoretical foundation of this text. Define relevant concepts that the listed company refinance at first, then analyze the rational motive that the listed company , analyze the mechanism of refinancing of listed company from all directions finally. From the different point of view, the listed company refinances mechanism has different structure and form of expression. Look from forming the key element, the refinancing mechanism is melted out such key elements as the square (investors ) , person who incorporates square (the listed company ) , price , market , supervision of fund , intermediary ,etc. to form by the fund. According to financing source, the refinancing mechanism while being endogenous and other source financing form again; According to financing way, the refinancing mechanism makes up indirectly by the direct financing. According to financing tool, listed company refinance mechanism include creditor's rights financing, stock financing, half stock right half creditor's rights financing. Second part , Analyze the mechanism that the listed company of our country refinances. Here some originally, describe of our country historical gradual progress and current situation that listed company refinance at first, then analyze and correspond to with the theory of the previous part, analyze the characteristic of the mechanism that the listed company of our country refinances again from forming four different angles of key element, financing source , financing way , financing tool separately. The cost is on the low side that the stock right refinances ; Unrational behavior of the manager of listed company; The bond market of enterprise of our country is restricted, other refinancing tool on the capital market is scarce; Guide and supervision in the government department are not enough; Intermediary function give play to getting complete comprehensive function of factor , make of our country listed company refinance mechanism have one's own characteristics. The listed company finances and relies mainly on the fact that the stock right of Seasoned Equity Offering , rationing shares etc, the proportion that the bond finances is small. Namely the stock financing that the listed company generally have " light debt heavy share " is had a partiality for, this is that our country is different from the most outstanding place of developed country. The third part, Characteristic of the mechanism that the theory and listed company of our country refinance according to refinancing, is it perfect of our country listed company refinance countermeasure of the mechanism to put forward. The mechanism that perfect the listed company of our country to refinance , can take the following measure : Improving the stock right structure of listed company, the ones that controlled company's manager are unrational effectively; Perfecting the financial market, the fund which increases other channels is supplied; Change the idea, raise the efficiency , perfect the supervision that the listed company refinanced correctly; Standardize the intermediary ; Develop institutional investors, perfect the investor of the security market structure. The place where this text is relatively novel is mainly as follows, Many angles carry on the theory to combine to the refinancing mechanism of listed company; many analyze to the refinancing mechanism of listed company of our country; Setting up models will carry on research to the refinancing mechanism of listed company; Some countermeasures put forward are original..