Study Of Paradox Between Demanding Of Optimize The Stock Right Structure Of Listed Companies And Shrinking Of Refinance Market

The capital market of our country is a new developing market, which is developed inthe course of economic system transition. Because this market initial settee up forman uncompleted settee reform and limitation of system design, some questions andstructural contradictions exist at present. Circulating stock and stock right ofnon-negotiable stocks are divided and put, which is one of the main obstacles ofrestricting present development of Chinese capital market. It not merely makescompany's administration structure perform practically no function, makes the stockprice difficult to reflect company's achievement accurately, deviate from the sterlingworth of enterprises, lead to the fact speculation prevails, and the function making thecapital market optimize resource distribution is unable to be given to fundamentally.In addition, it also makes the interests mechanisms of circulating stock shareholderand non-negotiable stock shareholder twisted extremely, with highly control power toshareholder who unable to share income by stock price goes up of listed company,will not suffer losses because of drop of the stock price either. Thus cause a series ofimportant issues of influencing development of securities market. At present, thestock right structure that there are some listed companies in the securities market ofour country needs optimizing badly, but the market of refinance is shrinking in thelisted companies is running to reality.The way and partiality angle of refinance of listed companies are started with that: atfirst, find out the relation that the stock right structure optimizes demanding andrefinance while supervising, set up the game model to listed companies finances. Itappears it receive assorted equilibrium solve, it produce the listed companies containsby their selves to derive to ask-the cost line investigated and prosecuted insupervision, offer the theoretical foundation supervised to the listed company forsupervision department. Secondly, on the basis of game model of the stock market, wesuppose some conditions and carry on case analysis to offer some new ideas ofdecision for the supervising authorities. Finally, this text directs against the reality ofthe securities market of our country, on the basis of analyzing scientifically, optimizesome proposing rational scientific suggestion for the paradox in demanding ofOptimize the stock right structure of listed companies and shrinking of refinancemarket of our country.