| At present our country is in a critical period of the construction of the market economicsystem,the rational thinking of the listed company equity refinancing efficiency condition, toencourage healthy and steady development of securities markets, better serve the nationaleconomy overall situation has far-reaching significance. How to define the efficiency of capitalmarket, is the most recent in three hundred and forty to discuss the focus of the world’s financialeconomics subject. The importance for the listed company equity refinancing efficiency: One isthe enterprise is directly related to the capital use efficiency, the second reflects a country’s capitalmarket resources allocation efficiency. This paper takes the listed company whether rights andrights as a starting point, in-depth analysis of listed companies equity refinancing efficiency, toexplore the relation between equity refinancing and excessive investment behavior and underdifferent system background, whether the relationship changes, The understanding of scientificunderstanding, and exert the function of securities market in China, understand securities marketoperation mechanism, analysis of market investor behavior has important theoretical significanceand practical significance. Especially in our country securities market promote the reform ofnon-tradable shares at the same time, listed companies equity refinancing efficiency, on theanalysis of the securities market overall efficiency, seek for the corresponding reform measures,the long-term healthy development of securities market has very important reference value. Notonly that, but also to solve the low efficiency of equity refinancing of listed companies in ourcountry, financing system failure provides the beneficial theory and empirical evidence.Regulators in China how to further perfect the listed company refinancing channels providespositive practical significance.This article uses the Chinese Shanghai and Shenzhen A-share stock market data from2001to2010as research samples, According to different system under the background of the relationshipbetween listed companies equity refinancing and overinvestment is studied. The results indicatethat equity refinancing of listed companies with significant positive correlation between excessiveinvestment, and the greater the degree of equity refinancing, excessive investment, is given toillustrate the major shareholder equity refinancing by excessive investment for personal gain"preparation". Will help us to reveal "declining performance after SEO mystery". Further studyfound that relative to the private enterprises, in state-owned enterprises, the equity refinancinglead to overinvestment problem is more serious, and the rule of law environment, the marketprocess and the improvement of the governance environment can inhibit equity refinancing leadsto excessive investment behavior. To some extent, this shows that the enterprise property rightssignificantly influence the relationship between the equity refinancing and excessive investment,and the improvement of the external system environment can effectively relieve the equityrefinancing leads to excessive investment behavior. Final study found that the influence of the reform of non-tradable shares after the reform of non-tradable shares non-tradable shares of listedin circulation, the controlling shareholders and minority shareholders interests converge, Agencycosts of listed companies effectively suppressed, controlling shareholders have greater incentive toimprove the utilization efficiency of companies to raise money, At this point, the equityrefinancing leads to excessive investment behavior phenomenon will be effectively alleviated. Inthis paper, the study found that only improve micro company governance mechanism (nature ofproperty rights and the internal equity structure)and external governance environment, in order toimprove the efficiency of the use of funds after the refinancing of listed companies and reducingexcessive investment behavior. |
