A Listed Company Issuing New Shares Financing Effect And Improve Countermeasures

As the secondary public offering (SPO) is an important way for the marketing economy and capital market to optimize its resources collocating, the proper financing is a significant premise for it to work effectively. Based on the enterprise financing theory, the paper make a compare of international' s SPO, a compare of several kinds of refinancing polices. It analyzes the developing process of SPO in China subsequently. When with abundant data and charts, the paper analyzes the cost and the inefficiency of SPO with demonstration. Finally, it brings forward some helpful suggestion.With the use of economics and management theory, with the tool of quantitative and quantitative analysis, the paper sets up some econometrics model to show its value.The paper includes five parts, three aspects are involved: firstly, the efficiency, the cost and the change of pre- and post-use of SPO; secondly, the inefficiency from view of institution arrangement, police criterion, and the corporation itself; thirdly, the suggestion for improving financing effect of SPO.