| Cash is one of the most important resources in the operation and development of enterprises. When the fund can’t meet their capital demand completely, enterprises need external financing. Refinancing refers to the continuous financing behavior after enterprises were founded, focusing on the sustainable development of enterprises. Now refinancing through the securities market has become more and more important for listed companies in China. The performance of listed companies will be influenced by refinancing costs and the use of fund refinanced from securities market directly, besides the capital structure which has been changed after refinancing could also make influence to the performance indirectly. Especially in recent years, the scale of refinancing has been expanding and secondary offering haves become the main pattern of refinancing. Therefore, the influence of refinancing to the performance of the listed companies has become social focus.In this paper, firstly the research status of refinancing problem at home and abroad was reviewed and summarized, and then a general overview of financing theory and business performance evaluation theory was made. Secondly, based on summarizing the development of the refinancing policy and patterns of listed companies in China, the present situation of refinancing in securities market was analyzed. Then the different operating performance of listed companies after allotment shares, secondary offering and convertible bonds was compared. And then the influence of refinancing for business performance by the regression analysis method was analyzed, so as to understand what factors that obviously influence the operating performance after refinancing.Research shows that the operating performance of listed companies in China showed a trend of decline after the refinancing through the securities market, specially the decline trend appears as a down-down-reaction broken line. Comparing to allotment shares and convertible bonds, secondary offering has a better performance. The free cash flow before refinancing and asset scale of listed companies are negatively related to operating performance, but the debt to asset ratio before refinancing, equity concentration degree and enterprise growth level are positively relevant to operating performance. That is to say, Agent-cost theory and Signal-model theory can explain the influence of refinancing to operating performance of listed companies partly in China. On the basis of empirical analysis, this paper analyzed the reasons that caused the decline of operating performance of listed companies in China after refinancing, and put forward some suggestions to improve the operating performance after refinancing such as strengthening the supervision of refinancing, improving the corporate governance structure of listed companies, developing the bond market to build up the multiplication of refinancing pattern system. |
