The Comparative Research Of Listed Companies’Refinancing Ways In Our Country

After the initial public offering of the listed companies to raise funds, the subsequent development power largely depends on the size of its ability to refinance, so the refinancing for each listed companies is an eternal topic. In recent years, with the diversified development of refinancing and the constant expansion of refinancing, refinancing has become a main way to raise funds is also a problem deserving concern in scholars and business people’s research and practical work. It will have an impact on enterprise managers, investors and the stock market, as following:it can influence the capital structure of the listed company, can affect investors to make the right decisions, and at the same time, can still impact the development of the stock market. Because the strength of refinancing ability of the listed companies is one of the most important factor to measure the success of the stock market. The listed companies’choice of refinancing ways will be impacted by many factors, each of which will stand on their own point to choose refinancing way beneficial for themselves. The present situation of our country is allotment of shares, further issue and convertible bonds coexist, while the listed companies in our country prefer to choose shares to refinance, resulting in a series of consequences. Therefore, from the theoretical and empirical point of view, the comparison and research on the problem of the listed companies’refinancing ways in our country will have a very important practical significance.This paper adopts the analysis way which combines the qualitative research and quantitative research,as well as combining the theory analysis and empirical studies. Firstly, it summarizes the relevant theories of the listed companies’ refinancing and remarks, finding the free cash flow theory and the time window theory to the share refinancing preference have a very good theoretical explanation. Then, it analyzes the current situation of our country’s refinancing development, and sums up the companies’characteristics suitable for three different refinancing ways, on this basis to conduct a comparative analysis and empirical research on the listed companies’refinancing ways from the performance of companies, and draw some conclusions:First, the policy change has an important guiding role on the choice of the financing ways; Second, the use of raising funds to refinance changes frequently; Third, the governance structure of listed companies is not reasonable; Forth, the listed companies to refinance lack of effective constraint mechanism; Fifth, the performance of three refinancing methods differences and the company bonds market is not mature; Finally, according to the above research conclusions, it puts forward policy recommendations in hopes of providing certain reference to the choice of the refinancing ways of the listed companies and contributing to the healthy development of our country’s stock market.