Chinese Listed Companies Refinancing Behavior

In the environment of market economy, refinancing ability is very important to the developing ability of the listed companies. Recent years, the listed companies in China often select Secondary Equity Offering which include: Right issuing, Seasoned Equity Offering, Convertible Bonds.The research of the Secondary Equity Offering (SEO) always center on two problems: the first is the listed companies how to select the form of the SEO, and the second is the how the operating performance changing after SEO. As for these two questions, there are so many foreign scholars preceded the analyses from different angles, and they also have achieved a lot of valuable conclusions. but in the stock market in China there is a very special situation means non-tradable shares, this means it may be unsuitable for us to apply the foreign scholars'conclusions directly to expound the refinancing behavior of the listed companies in China. So which factors affect the companies'behavior in select Right issuing, Seasoned Equity Offering or Convertible Bonds in China? If the companies chose Different forms, how will change in the company's operating performance after SEO? Why the investors almost think that acts of SEO are just"Quanqian"(which means cheating money out of the investors)? How can we solve the contradiction between the need of the listed companies and the fragile expression of the market? So this paper just try to analyze the factors which will affect the company's refinancing behavior and the potential reason and put forward relevant strategies in order to help relevant department formulate rational refinancing policy to guide the companies to refinancing healthily and correctly, so make the stock market have a sound development.The article has four parts:...