研究关于企业自生融资能力的探讨.doc17

内容提要：
国内的上市公司在九十年代末期开始重视对证券市场再融资功能的利用，但由于种种原因，公司的再融资行为一度陷入无序状态，业绩作假、资金使用低效率的现象频繁出现。笔者在本文中试图构建一个说明性的博弈模型，按照从群体现象到微观个体行为的顺序逐次推导我国上市公司再融资行为与市场反应的机理。最后指出应重视培养企业自生融资能力，通过关于风险态度的推导得到了关于证券市场再融资制度建设的方向和建议。
关键字：上市公司   再融资   证券市场   自生能力

Game Analysis about Booked-corporation’s Refinancing Behavior and Investor’s Reaction

Booked-corporations in China began to pay much attention to refinancing from middle of 1990s, these corporations’ refinancing behavior went out-of-order quickly for some reasons. Illusive finance data and inefficient use of money made investor despair. Now I tried to construct a game model to prescribe the phenomena according corporation refinancing behavior and investor’s reaction in security market of China. Firstly, I optimize three ways of refinancing and draw a experiential conclusion that company always choose minimum financing tools, so corporation behavior will obey the order. Then, I constructed dynamic game model based incomplete information to prescribe “payoff” between corporation and investor. I intend to demonstrate improving-cost should be key factor to design mechanism that will supervise corporation behavior. But because I do not think punishment is all-purpose, Finally, I used a point about viability of firm from Yifu-Lin for reference, I tabled a proposal that viability of financing should be regard as standard of regularization for refinancing of corporation.
Key words: book-corporation   refinancing    security market

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