Research On The Refinancing Methods Of Listed Companies In China

After the listed companies raised funds through initial public offering(IPO for short),they have to finance from the capital market again to develop and sustain the business.The lack of funds may force the companies to delist or even bankrupt.Therefore,whether the listed companies can continue to develop and grow depends on whether they can refinance sucessfully.Refinancing is an effective means of the listed companies to raise the funds required for the projects.With the development and innovation of capital market,the scale of refinancing is also showing a rising trend.The refinancing behavior of the listed companies will have some impact on the owner and the operator,the capital market,and the institutional and individual investors.First of all,the listed companies refinancing behavior can affect the capital structure,which can affect the investors to make the right decisions,but also can affect the development of the securities market.So the study of the refinancing behavior of the listed companies has a certain theoretical and practical significance.Through the analyzation of the refinancing data and cases,this paper study the refinancing preference of Chinese listed companies,and describes and compares the equity refinancing and debt refinancing in the aspects of content,advantages and disadvantages,current situation and problems.This paper is divided into the following several sections:the first section is the introduction,in which we describe the literature of financing through the listed companes,and explain the research ideas,methods and structure of this paper.The innovation points and shortcomings of our research is also given;in the second section,we describe the capital structure theories in three different periods;in the third section,the main content,and advantages and disadvantages of the equity refinancing and debt refinancing is discussed;in the fourth section,we find out the existing problems of these two kinds of financing methods through the analyzation of present situation of the two refinancing ways;in the fifth section,we put forward the corresponding improvement measures according to the problems we found out.