我国上市公司再融资问题研究——以托普软件为例.docVIP

PAGE PAGE 19 我国上市公司再融资问题研究 ——以托普软件为例 摘要：再融资是上市公司壮大发展，优化资源的重要方式，一向聚集了各方关注的焦点。随着我国经济体制不断深化改革，证券市场再融资成为了上市公司融资的主要渠道。然而长期以来，许多上市企业表现出强烈的圈钱动机以及展现出不理智的投资扩张冲动，甚至产生了募集资金滥用的情形。目前很多学者及有关部门，渐渐将研究方向从定性转为定量，可是仍然有一些方面没有被侧重，国内学者比较注重方式选择，或者是再融资与利润操纵之间的关系等，很少考虑上市公司再融资失败的动因和过程。因此，本文从公司内部角度对再融资问题进行系统分析，分析上市公司再融资失败的诱因及潜在影响因素，构建相关的理论框架，并用实务中的真实案例资料加以佐证。这对上市企业研究再融资方案，规范证券市场，进而有针对性地提出对策建议，具有重要的理论意义和现实意义。 关键词：再融资股权结构资金占用托普软件 The Research on Refinance problem of listed companies in China：Illustrated by the case of Top Software Abstract: Refinancing as a way of listed companies develop goals and optimize resources, it is a hot issue. With the continuous deepening reform of the economic system, the stock market has become an essential tool of a listed company refinancing. For a long time, however, many of our listed companies showed a strong investment expansion drive. They are generally suffering from a thirst for money, misappropriating motivation is getting stronger and even formed a fund-raising abused situation. Many current research scholars and relevant departments who study refinancing problem gradually shift their method from quantitative research to qualitative research. But those researches mainly focus on refinancing options, refinancing between earnings manipulation and financial performance of the company. Few researches consider motive and process of refinancing failures. Therefore, from the perspective of insider trading analysis, this paper discuss causes and potential factors of refinancing failed of listed companies to construct the relevant theoretical framework. This paper also corroborated by practice real case data. This is good for further study of listed companies to refinance program, is beneficial for standardized securities market and putting forward suggestions. It is has important theoretical and practical significance. Keywords: Refinancing; Ownership Structure; Financing funds occupied; Top Software 一、引言 近年来，随着证券资本市场的发展，上市公司再融资行为变得越来越重要，这不仅对上市公司自身发展非常重要，而且