1998年,我国开始允许上市公司采用增发方式进行再融资,之后增发逐渐超过配股成为我国上市公司股权再融资的主要方式,但当时的增发却仅限于公开增发。2005年10月,新修订的《证券法》首次明确了上市公司非公开发行证券的行为。同年年末出台的《外国投资者对上市公司战略投资管理办法》规定,国外战略投资者可以通过上市公司定向增发的方式进行投资。 In 1998, China began to allow listed companies to adopt additional ways of refinancing, after which, the issue of shares gradually became the main way of refinancing of listed companies in China. However, the issuance at that time was limited to public offering. In October 2005, the newly revised Securities Law made it clear for the first time that non-public offering of securities by listed companies was conducted. The “Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors” promulgated at the end of the same year stipulate that foreign strategic investors may invest through the private placement of listed companies.