The Research On The Growth Of Science And Technology Listed Enterprises And The Influence To Equity Refinancing

The growth of an enterprise currently be an important criterion of evaluate and measure the enterprise, it also largely determine the financing behavior of enterprises. Refinancing refers to listed companies by right issuing, seasoned and convertible bonds on the stock market in ways such as direct financing. Refinancing ability reflects the ability of a company whom choose a right way in proper time to raise funds after an IPO.Based on the enterprise growth theory and take the science and technology listed enterprises as the research object, we analysis the enterprises'growth of Anhui and Shandong province, and test the affecting factors of growth to equity refinancing ability through empirical analysis, then analysis the technology-based equity refinancing ability and give some countermeasures and suggestions in order to promote the development of technology-based enterprises in Anhui province.Through the SPSS analyzing software, we used factor analysis and multivariate linear regression analysis respectively, from the year 2007 to 2009, the listed company of Anhui and Shandong province subject to science and technology, take the relevant financial data as analytical samples, we obtained the linear expressions of equity refinancing quantity. Then we made an evaluation on Anhui companies with the comparison to Shandong companies.This paper got the Anhui and Shandong science and technology enterprises' growth factors and listed each growth factor's score, according to the scores, we ranked such enterprises. Through establishment the equity financing and growth factors in multiple linear regression models to analyze the growth factors which may influence the equity refinancing quantity of technological listed company. Through the comparison of Anhui province and Shandong province, we got the same and the different places of the two.After the empirical analysis, at the first place, we examined the hypothesis in chapter two which are about the growth and growth factors impact equity refinancing of listed companies, got support or disprove evidences. Through empirical analysis, a conclusion may be detected which means equity refinancing ability is weak in Anhui province compare to Shandong province. Observe the different phenomena in Anhui to find the reasons of been deficiency, there exist a fact that some low growth enterprises tend to got funds through equity refinancing or it may be expressed that in Anhui province it proved the decreasing of enterprises after equity refinancing. On the other hand, it is precisely because the inferior financial environment and financial market which cause this phenomenon.On the basic of the empirical analysis, this paper proposed some suggestions about the equity refinancing of Anhui enterprises, respectively from government point of view, enterprise management point of view and shareholders point of view, in order to improve the growth ability and the equity refinancing ability of the listed technology company in Anhui province.