Innovation Research On The Regulation Of Refinancing In Our China's Stock Market

Refinancing is the important function of a stock market as well as the vital way most optimum distribution of resources is realized. Appropriate refinancing is also the major premise on which refinancing is in effect for good. With the development of the stock market, a great number of public companies are carrying out or coming up with the scheme of refinancing, whose scale and frequency have reached an unprecedented level, even the level of overrunning. As a result of excessive refinancing, funds cannot be made full of use and resource allocation cannot be efficiently launched. The worst is that refinancing may also lose its function. As a result, the development of stock markets is interfered. The informal acts of public companies on refinancing shows lack of supervisory regulations. Therefore, it shows the necessity that the new systems of refinancing and supervisory regulations should be founded in a new way.Based on the quantitative and qualitative analysis and arrangement of the data on refunding in our China's stock market from 1993 to 2007, this article exposes the obvious problems which lie in the refinancing of our stock market and also dissects the deep-level causes from the aspects of supervision, listed companies and investors. In accordance with the combination of the evaluation theory of enterprises' achievement and the practical situation in which our listed companies are involved in, the article raises a set of evaluating indexes which can represent all aspects of achievements made by listed companies, including financial index, non-financial index and social effect index. In the light of the priority of the evaluation of financial index with the latter two backing up, the LM-BP neural network pattern of the evaluation on the listed companies' financial achievements comes into existence. Whereafter, subject to the outcome of the evaluation mentioned above and the mature supervisory experience from abroad, there comes a new set of pointed and applicable systems of refinancing and supervision. In the last place, based on the new set of the systems, the innovative and suitable policies and measures on refinancing are brought forth.