| In the environment of market economy..refinancing ability is very important to the developing ability of the listed companies.Recent years,the listed companies in China often select Secondary Equity Offering which include:Right issuing,Seasoned Equity Offering, Bonds.In the Chinese stock market the Portion of equity financing is much larger than that of the debt financing in the last decade.Meanwhile corporate bonds have become the common financing method in international capital market. This difference makes the bond martet backward and the capital market imbalanced.In Aug.14th2007, the China Seurities Regulatory Commission (CSRC) promulgated the "Trial Measures for corporate bonds",which would bring new chance for the corporate bond market.This thesis will analyze the role which debenture issue play in financing structure of listed companies.All the time, research related to refinancing basically in concentrated in about two. The first is the choice of financing. Mainly discusses the listing Corporation which have the demand of refinancing, will decide on what factors. The other one is the change of the company’s performance. It is mainly to study the financing behavior of the company’s how to affect its market performance, financial performance, and investment.Analyze and summarize theory of western financial strueture. After studying the MM theory, trade off theory and the Pecking order theory we can find that their conclusions are mostly same even though their breakthrough Points are differrent, that is debt financing should be tax saving.The debt financing could meet the maximization of enterprise value.When carry on external financing, debt financing should be the first choiee.It affords the rationality and feasibility for the issue and extension of corporate bonds. What should be done is that we should persist in marketing, meanwhile, further perfect the laws and regulations,intensify subsequent supervising,thus,model a fair-play market circumstances could be ensured. |
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