Innovation Research on the Regulation of Refinancing in Our China’s Stock Market
|School||Zhejiang University of Technology|
|Course||Management Science and Engineering|
|Keywords||Stock Market Refinancing Performance Evaluation System BP neural network model Refinancing institutional system|
Refinancing is an important function of the stock market is the market to achieve optimal allocation of resources of important ways. Refinancing is a modest long-term equity financing functions important prerequisite for effective functioning . With the continuous development of the securities market , many listed companies implemented or proposed refinancing program , its financing number of large, high frequency is unprecedented , has shown a flood situation. Excessive refinancing of listed companies decreased efficiency in the use of funds and resources allocation efficiency , hindering refinancing function effectively, seriously affected the healthy development of China's securities market . Resulting in refinancing of listed companies is mainly due to non-standard behavior of the regulatory regime missing, therefore , with new ideas and methods to establish China's securities market to refinance institutional system and regulatory mechanism is very necessary. Based on the 1993 to 2007 refinancing of listed companies in China's securities market data in data classification and sorting systems , the use of quantitative and qualitative analysis methods to reveal behavior of listed companies to refinance the outstanding problems , and from the regulatory regime , the listed companies, investors analyze these problems three levels deep-seated reasons . In accordance with the enterprise performance evaluation theory , combined with China 's actual listed companies , has designed a listed company can comprehensively reflect operating performance evaluation system , including financial indicators , non-financial indicators and indicators of social effects . Evaluation of the main financial indicators , the latter two of its useful supplement to established based on LM-BP neural network model for listed companies' financial performance evaluation . Then financial results is mainly based on the evaluation results , learn from foreign experience in mature securities market regulation , establish a set of novel, targeted, actionable refinancing institutional system and regulatory mechanisms . Finally , in building institutional system and regulatory refinancing mechanism based on the proposed re-financing system innovation supporting policies and measures .