研究關於企業自生融資能力的探討.doc17

內容提要：
國內的上市公司在九十年代末期開始重視對證券市場再融資功能的利用，但由於種種原因，公司的再融資行為一度陷入無序狀態，業績作假、資金使用低效率的現象頻繁出現。筆者在本文中試圖構建一個說明性的博弈模型，按照從群體現象到微觀個體行為的順序逐次推導我國上市公司再融資行為與市場反應的機理。最後指出應重視培養企業自生融資能力，通過關於風險態度的推導得到了關於證券市場再融資製度建設的方向和建議。
關鍵字：上市公司 再融資 證券市場 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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