Listed Companies Of SME Board Empirical Study On The Refinancing Performance Problem

As China’s A-share listed companies in the stock market increased, the gradual emergence of a refinancing facility over the IPO situation, but has always been China’s listed companies prefer to equity refinancing, this financing behavior has also been criticized by the majority of investors to " misappropriating act", so the research performance of listed companies to refinance helps clarify issues refinancing of listed companies behavior, optimize resource allocation function of the capital market has important significance.Firstly, the current research status of the sort, followed by a description of the relevant theory analysis, and then select between2006-2010refinancing small plates listed companies as samples to construct the index system of performance measurement, urgency from financing, refinancing growth after effects and other aspects of shareholder wealth effects of the refinancing of listed companies after the performance is analyzed. Empirical results show,2006-2010were refinanced small plates listed companies, finance urgency is not obvious, there is the possibility of equity financing impulse drive, after refinancing prone to " income does not increase profits" phenomenon, but its refinancing after the stock basic can outperform the market over the longer term shareholder wealth effects have emerged. Finally, the paper to investors in investment decisions as well as the audit departments in refinancing applications is suggested.