Research On Equity Refinancing Performance Of Q Company

With the continuous development and improvement of China’s capital market and the improvement of social and economic production level,unlisted companies are expecting more and more listing,and the demand for refinancing of listed companies is also increasing.According to the new version of refinancing regulatory Q & A issued in 2017,the state intends to strictly control the chaos of equity refinancing market,extend the time of refinancing,and limit the over financing of some companies.However,in September 2018,the CSRC reissued the issue regulatory Q &A-regulatory requirements on guiding and regulating the financing behavior of listed companies.In terms of the latest regulatory requirements,The state adjusts the time of refinancing again,intends to relax supervision and stimulate the market economy.With the continuous development of equity refinancing market,some listed companies continue to appear excessive financing tendency,frequently change the purpose of raised funds,equity refinancing structure imbalance and refinancing mode selection.There are a large number of scholars in China who have studied the related issues of equity refinancing,but most of the articles are studying the overall A-share or the equity refinancing companies in a province,and there are few researches on the equity refinancing of a company alone.Starting from a single company,this paper deeply analyzes the equity refinancing effect of Q company,puts forward the problems in the process of equity refinancing,and finally puts forward some suggestions to improve the refinancing performance in combination with relevant equity refinancing policies,financing methods,financing motivation,equity structure.This paper introduces the background and significance of the topic,and introduces the way of equity refinancing of Listed Companies in China.Using the latest data,this paper studies the situation of China’s A-share equity refinancing market,and finds that allotment and additional issue financing play an important role in China’s equity refinancing market.The refinancing mode of listed companies caters to the policy orientation and the company’s strategic objectives.This paper selects Q company,which has more times and ways of equity refinancing,as the research object.It analyzes the course and motivation of equity refinancing of Q company and the changes of equity,capital structure and financial leverage of Q company after equity refinancing.Then it analyzes the performance of equity refinancing of Q company,and selects the industry average as a reference to summarize Q company Finally,combined with the change of refinancing motivation and capital structure,the paper puts forward suggestions to improve the equity refinancing performance of Q company,and summarizes the Enlightenment of Q Company on the financing of Listed Companies in China.