上市公司再融资行为研究

目前中国上市公司再融资存在重融资、轻利用的问题,使再融资一度沦为投资者深恶痛绝的“圈钱”行为。为此,要分步解决股权分置问题,提高再融资的政策门槛,强化对再融资募集资金使用的监管,健全再融资中介机构的约束机制,以对中国上市公司的再融资行为加以规范。

A Study on the Refinancing Behavior of Listed Companies

The refinancing of a listed company is an important approach in market economics to realize its function of optimizing resource utilization and disposition.Currently,the dilemma of focusing on refinancing but overlooking its application exists extensively among the listed companies of our country. It turns the refinancing to be a separated behavior for raising money and repelled by investors extremely.Therefore,we must standardize the refinancing of the listed company through the following strategies: solving the shareholding problem step by step,modifying the policy to increase the requirement of refinancing,reinforcing the supervision on utilization of capital raised through refinancing,and strengthening the system to restrict refinancing agencies.