上市公司股权再融资行为研究文献综述

Literature Review on Equity Refinancing Behavior of Listed Companies

随着我国资本市场的发展,金融工具的不断创新为企业筹资选择提供了多种方式。在这种资金带动型经济背景下,融资是企业经营管理中的关键环节,有效的融资行为将促进企业可持续发展。自首次公开发行股票后,股权再融资越来越成为上市公司筹集资金的重要手段之一。关于上市公司股权再融资偏好原因、方式与绩效和监管问题,学者们从不同视角进行了一系列研究,通过梳理近几年国内外学者的研究文献,发现股权再融资存在融资过度、违规背信、阻碍资本市场发展等问题,可以从优化内源融资结构、改善公司治理结构、加强信息披露监管等方面加以改善。

with the development of China’s capital market,financial instruments continue to innovate,for the enterprise financing options to provide a variety of ways.Under the background of such capital-driven economy,financing is the key link in enterprise management,and effective financing will promote the sustainable development of enterprises.Since the initial public offering of shares,equity refinancing has increasingly become an important means for listed companies to raise funds.Scholars have studied the reasons,methods,performance and supervision of equity refinancing preference of listed companies from different perspectives.Through reviewing the research literature of domestic and foreign scholars in recent years,this study points out the problems of excessive financing,violation of rules and discredit,and hindering the development of capital market in equity refinancing,and puts forward policy suggestions on optimizing internal financing structure,improving corporate governance structure,and strengthening information disclosure supervision.