Review And Research On The Changes Of China's Equity Refinancing System

The equity refinancing is again financing way of selling shares to investors to raise funds,after the initial public offering.With the development of the stock market continuously,Chinese listed companies show strong equity financing preference,from 1992 to 2014 statistical we can see the companies in China mainly through initial public offerings as a way to raise money,But as the reform of our country’s stock market.On the threshold of the market for initial public offerings requirements becoming high,the high quality enterprise by way of equity refinancing,the equity refinancing of listed companies has far more than the size of the size of the listed company’s initial public offering since2008,even in the initial public offering in 2013,during the window period of equity refinancing,be the first choice of the listed company to raise funds,for equity refinancing a record 2014 laid a foundation.Based on the above knowledge,to analyze the equity refinancing’ cause,process and mechanism of institutional changes on the influence of the behavior of listed companies has certain practical significance.So this article on the basis of theoretical analysis,review and analyzed from 1992 to 2014 rights and rights to refinance the cause and process of institutional change,by using descriptive statistics analysis,single factor variance analysis and regression analysis,analysis of mechanism of institutional changes on the equity refinancing behavior of listed companies of binding,It summarized below:Firstly,to adjust the ROE index constraints,refinancing equity behavior.Secondly,to increase the return on equity of listed companies dividend policy on the constraint behavior constraints.Thirdly,3,to adjust the way of raising equity refinancing.First,equity refinancing system the mechanism produced by the change of effective impact financing is raised.Through the establishment of policy dummy variable of multivariate linear regression equation,to verify that the control of financing of blindly financing policy issue policy,return on equity,dividend policy.Second,equity refinancing process of institutional change mechanism for investors to yield has certain influence.Is educed by means of variance test issue way to change the binding was not significant,and the changes of the pricing of binding...