再融资、市场反应与自生融资能力

Listed corporation Financing,Market Reaction and Viability

国内上市公司在 2 0世纪 90年代末期开始重视对证券市场再融资功能的利用 ,由于种种原因 ,公司的再融资行为一度陷入无序状态 ,业绩作假、资金使用低效率的现象频繁出现。笔者在本文中试图构建一个说明性的博弈模型 ,按照从群体现象到微观个体行为的顺序逐次推导我国上市公司再融资行为与市场反应的机理。

Listed corporation in China began to pay much attention to refinancing from 1990's,these corporations' financing behavior went out-of-order in some time for some reasons. Illusive finance data and inefficient fund using made investor despair. We tried to construct a game model to prescribe the phenomena according from macro-current to micro-behavior order.