我国资本市场改革中的股权融资机遇及路径分析

An analysis of equity financing opportunities and paths in China’s capital market reform

根据党的十九大精神,提高直接融资比重是我国经济高质量发展的政策选择和内在要求。介绍了提高直接融资比重在去杠杆、降成本、调结构、促混改、防风险等方面的重要意义。因国务院政府工作报告中强调"提高直接融资特别是股权融资比重",且股权融资的主要渠道是资本市场,主要讨论了资本市场股权融资。并对比IPO、公开增发、定向增发、配股、优先股、可转债等资本市场股权融资的主要方式及融资规模,分析了资本市场股权融资的相关政策法规。最后建议,企业应关注我国资本市场的改革发展,寻求融资机遇,选择适合的融资方式,促进自身产业发展。

Combining the spirit of the 19 th National Congress of the Communist Party of China,it is believed that increasing the proportion of direct financing is a policy choice and inherent requirement for high-quality economic development in China.The significance of increasing the proportion of direct financing in deleveraging,reducing costs,adjusting structures,promoting mixed reforms, and preventing risks was introduced. Because the State Council’ s government work report emphasizes"improving the proportion of direct financing,especially equity financing",and the main channel for equity financing is the capital market,the main focus is on equity financing in the capital market. The main methods and scale of equity market equity financing in capital markets were compared,such as IPO,public offerings,private placements,rights issues,preference shares,convertible bonds,and related policies and regulations on equity financing in capital markets were analyzed. Finally,it is suggested that enterprises should pay attention to the reform and development of China’s capital market,seek financing opportunities,choose suitable financing methods,and promote the development of their own industries.