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论文编号：	7254
作者编号：	2220131033
上传时间：	2015/6/3 19:42:22
中文题目：	上市公司再融资市场分析及监管对策研究
英文题目：	The listing Corporation?refinancing?problems and research?and?Supervision Countermeasures of?market?exist
指导老师：	张永强
中文关键字：	再融资;市场化发行体制;日常监管
英文关键字：	Refinancing;Market?Issuance system;Daily supervision
中文摘要：	再融资是上市公司通过发行股份、公司债券、可转换债券或优先股等方式实现筹资活动的总称，对为上市公司提供资金支持，实施产业升级转型有着重大意义。特别近年来随着GDP增速和新增信贷增速放缓， A股上市公司再融资家数和额度不断增长，提高了境内直接融资占社会融资总额的比重，降低了国内间接融资为主金融体系的潜在的系统性风险，推动了如人民币利率、社会信用风险等金融要素的市场化改革进程。 但随着国家经济制度改革的深入，当前再融资发行机制中若干非市场化因素也直接制约着再融资效能的发挥，同时近期利用再融资活动从事证券违法行为也趋势也有所抬头。进一步完善再融资市场化发行机制促进上市公司产业结构调整，强化对违法证券行为打击力度维护以中小投资者合法权益，是监管机构践行“两维护，一促进”核心使命的当务之急。 本文以再融资发行体制市场化改革为总体方向，以促进金融资本通过资本市场向实体经济流动为出发点，以降低上市公司再融资成本，推动产业结构调整升级为目标，通过对2008年至2014年10月31日期间国内上市公司再融资活动、权益性再融资活动、债务性再融资活动的总体规模、存在的问题等因素进行有针对性的分析，从而发现现行再融资发行体制中制约再融资效能进一步发挥的因素，并以此为基础对现行发行政策和日常监管工作提出建议。
英文摘要：	Refinancing is the?listing Corporation?through the issuance of?shares,?corporate bonds,convertible bonds?can?collectively?achieve?financing activities?or?preferred stocks and othermethods,?to?provide financial support for the?listing Corporation,?is of greatsignificance?to implement?the transformation of industrial upgrading.?Especially?in recent years with the?growth rate of GDP?and?the new credit?growth is slowing,?A shares of?the listing Corporation?refinancinghome number and?credit growth,?improve the?domestic?direct financing accounted for theproportion of total?social financing,?indirect financing?to reduce?the domestic?financial systempotential?systemic risk,?the process of market-oriented reform?push?as?the RMB interest rate,social credit?risk?and other financial?factors. But as his country's economic?systemreform,the current?refinancing?some?non?market orientedissuance?mechanism?factors also?directly restricts the?refinancing?efficiency,?at the same time,the recent?use of?refinancing activity?engaged in?illegal acts in securities?also?trend?rise.?To further improve the?refinancing?market oriented issuance?mechanism to promote the?listing Corporation?the adjustment of industrial structure,?strengthen the?maintenance of?the legitimate rights and interests of?small investors?efforts on?illegal?securities?behavior blow,?regulators arepracticing the "two?maintenance,?a?core mission of?promoting"?a pressing matter of the moment. In this paper,?in order to?re financing?issue system?marketization reform as?the overall direction,in order to promote the?financial capital?through the capital market to?flow?to the entity?economy as the starting point,?in order to reduce the?listing Corporation?refinancing costs,?promote industrial structure adjustment?as the goal,?based on?the period from 2008 to?October 31, 2014 domestic?listing Corporation?refinancing activity,?equity?refinancing activity,?the overall debt?scalerefinancing activity,?the problems?and other factors?are analyzed,?which found that the?restriction factors of?re financing?efficiency?further play?the current?refinancing?issue system,?and on this basis?puts forward?suggestions on the current?issue policy?and the daily supervision work.
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