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 Wysłany: Pią 1:19, 21 Sty 2011 Temat postu: Refinancing of listed companies in China Analysis |
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Refinancing of listed companies in China Analysis
Practical efficiency of capital is not high. Listed companies can easily finance, capital expansion of the operator does not create additional pressure, many listed companies do not appear committed to a prospectus offering funds into the appropriate item II signal, there are a number of listed companies to raise funds does not meet the company's long-term interests to rush to put the assets they simply are not familiar with the industry and shareholders are not related, in the project environment changes, and arbitrarily change the investment direction. There are a considerable number of listed companies through the issuance of shares, allotment, issuing large amounts of funds raised, directly or indirectly into the stock market speculation in the stock market, access to investment income in an attempt to compensate for the lack of shareholder returns, so do not raise funds really functioning. (B) affect the interests of investors, which undermined investor confidence. Listed companies In the long run, bound to affect the fundamental interests of investors. a lot of misuse of funds of listed companies, resulting in the majority of investors suffered heavy losses, making the stock price does not accurately reflect the intrinsic value of companies to mislead investors, resulting in misallocation of funds market, contusion the enthusiasm of investors. When this happens,[link widoczny dla zalogowanych], investors will adopt a inflow of investment behavior of the listed companies are free to raise efficiency in the use of capital is generally not high. confusion of the direction of investment, on the formation of negative core competitiveness. The current number of listed companies to follow the , that listed companies do not understand their core competitiveness. equity financing preference to give enterprises the benefits of decline in the proportion of financial leverage, and thus the preferences exist,[link widoczny dla zalogowanych], reducing the transmission of monetary policy through the capital markets role. central banks cut interest rates several times and did not receive the expected results, it is because of the already high rates of assets and liabilities of state-owned enterprises, the ratio of its debt financing has been quite high, further increase of the space has been little increase in state-owned enterprises and banks into the enthusiasm of credit is not high; low rates of assets and liabilities in terms of listed companies, the cost of debt financing, equity financing is relatively higher than on the hard exclusion constraints also make it an active bank financing is not high. As for the much-needed private capital to support small and medium enterprises, state-owned banks because of various factors showed reluctance to lend,[link widoczny dla zalogowanych], so the efficiency of monetary policy on the greatly reduced. In short, for At present,[link widoczny dla zalogowanych], China's listed companies to refinance this irrational decision-making, and the negative effects it brings,[link widoczny dla zalogowanych], we should in many ways and many angles to find a solution. For example, listed companies in China to establish and improve the financing mechanism, reform the stock issue systems and control systems; optimal ownership structure of listed companies and corporate governance structure to address the , listed companies and securities markets to promote the healthy and stable development. (Author: Henan University of Electrical Engineering)
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