中国股票市场再融资监管规则变迁的制度经济分析

中国证监会一直试图通过再融资规则的改变来调控上市公司行为，实现市场的有序发展。配股、增发以及可转换债券等途径的创设及其准入门槛的“宽紧”调整成为中国再融资监管的核心。以额度分配为核心的证券发行制度决定了1999年之前的再融资监管规则的整体架构，而当核准制实施后，市场化规则的引入尽管强化了外部约束，但股权分置制度的存在一度使再融资监管陷入困境。当股权分置改革初步完成后，危机驱动的信贷扩张迫使监管当局重新设计再融资监管架构，在净资产收益率要求基础上引入了现金股利分配要求。中国现行再融资规则带有明显的过渡性，应在未来重新定位。

THE EVOLUTION OF REGULATORY RULES OF SEASONED EQUITY OFFERINGS IN CHINA

Since 1993，China Securities Regulatory Commission (CSRC) has always tried to control the behavior of listed companies and improve the functioning of China's stock market by the changes of rules of seasoned equity offerings (SEOs)The emergence of right issues，public offerings，convertible bonds and the adjustment of their minimum thresholds constitute the core of SEOs regulation in ChinaBefore 1999，it was the quota system that determined the regulatory framework of SEOsAfter the enforcement of the approval system，although the introduction of market principle intensified outside discipline of SEOs，the ownership split structure institution once made the regulation of SEOs in great troubleWhen the ownership split reform initiated in April 2005 was partially finished，the emergence of credit explosion induced by the global financial crisis compelled CSRC to redesign the SEOs regulatory rules，which paid more attention on issues of the cash dividend of listed companiesThe current SEOs regulatory rules in China are transitional and should be redesigned in future