金融危机条件下我国上市公司再融资结构转变探究

我国上市公司的再融资结构一度呈现出过度的股权融资偏好，产生诸多不利影响。自08年以来，受金融危机影响，股市低迷，股权融资遇到障碍，而公司债发行试点办法的出台为债权融资提供了新的渠道，这些因素促成了上市公司再融资结构的转变。然而造成股权融资偏好的诸多问题没有得到根本解决、内部融资严重不足，债券市场有待完善，融资结构并未得到实质性的优化。应进一步完善公司治理结构、加强股市监管、提高企业内部融资能力、稳健发展债券市场，以促使再融资结构更加合理化。

Transformation Investigation on Re-financing Structure of China's Listed Companies under the Financial Crisis

The re-financing structure of China＇s listed companies has been presenting excessive equity financing preference, thereby generating more adverse effects. Since 2008, in order to solve the situations that the stock market has been under the depressed state and the equity financing has been blocked due to the effect of financial crisis, the trial method issued by the Companies provides a new channel for equity financing, thereby transforming the re-financing structure of China＇s listed companies. Because many problems causing the equity financing preference can not be solved basically, the internal financing is seriously deficient, the bond market is required to be perfected, and the financing structure can not be optimized essentially, thereby needing to further perfect the administrative structure of the Companies, strengthen the stock market supervision, improve the internal financing ability of the Companies, and stably develop the bond market, so as to ensure that the re-financing structure is more reasonable.