Listed Companies In China And Then The Problem Of Financing Research

The refinancing of listed companies, which serves as a significant approach of the market economy and stock market to optimize resource allocation, is embodied in the financing capacity of stock market as far as the capital market is concerned. In reality, the listed companies of our country display "hungry thirsty disease of financing", especially in refinancing market. There exist some malicious refinancing behaviors, which have twisted the financing function seriously and interfered the optimizing resource distribution function in the security market of our country.The paper analyzes the problems of refinancing and puts forward some measures which regulate and perfect the refinancing conduction, using normative research method and empirical research method. And it has offered the reference opinions and suggestions to the investors' investment decision, the long-term development of the listed company, and the supervision of the securities department of our country.The main content is as follows: the first part is the object, significance and international condition of the paper. The second part is the general theory refinancing, including concept, manners and structure of refinancing , present situation of refinancing about abroad and China The third part specializes in analyzing the problems existing in refinancing, the present situation of our listed companies' financing being lower, the using of capital being unreasonable and so on. The forth part analyzes that the main reasons are the system defects of our security market and the unreasonable equity structure and substandard corporate governance structure of listed companies. The malicious refinancing behaviors gave some negative effects to the security market and investors. Finally, this paper proposes five measures and expects to offer help to standard the malicious refinancing behaviors of listed companies of our country, puts forward the policy suggestions for the refinancing in China and strengthening the self-discipline mechanism of the intermediaries.