| In recent years,the research on equity refinancing of A-share listed companies has never stopped.There is obvious gap between A-share market and some developed securities markets on the overall market environment or the quality of the participants or the construction of the system.This has restricted the perfect implementation of the systems which is effective in the developed securities markets on the listed companies in China,However,there are still many aspects that we can learn from the developed securities markets and improve our own.And we can leverage the advantages of the systems of the developed securities markets by integrating them with our own systems and practices.In 2006,A-share market introduced the targeted additional shares issuance financing system,which made the refinancing practices of listed companies in China totally different.Before 2006,majority of the listed companies adopt right issue for refinancing.But after 2006,right issue refinancing practices was given up and almost all listed companies turned to the targeted additional shares issuance for refinancing.The outbreak trend of the targeted additional shares issuance refinancing was not slowed down until 2017 due to many newly published regulations.There exist many problems on the targeted additional shares issuance refinancing for the listed companies in China.It is common that the controlling shareholders of many listed companies use their holding advantages to infringe on the interests of the minority shareholders.Since this year,bond defaults have been occurring from time to time in the bonding financing market,which make investors lose their money and become pessimism.On the other hand,the convertible bonds and exchangeable debts financing markets are too complicated for many investors.As a result,under current market environment,the advantage of the right issue refinancing forgotten by most people has been amplified.It has practical significance to study the seasoned equity offering refinancing behavior of listed companies in China,especially their right issue refinancing behavior.After in-depth analysis and research,the author refers to the existing practice of H stock markets for right issue refinancing and draws a conclusion in the paper that it is very feasible to improve the refinancing behavior for listed companies in China by increasing the proportion of the right issue refinancing.This paper analyzes the history and present situation,also the pros and cons of two major ways for seasoned equity offering refinancing and then put forward the practical suggestions to improve the right issue refinancing system of A-share market by learning from Hong Kong stock offering system. |
