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再融资作为企业筹资活动的一种,能够为上市公司实现资本和资产的双重扩张。本文在研究了托普软件投资股份有限公司的再融资行为的基础上,指出了其在融资结构和融资效果方面的问题,分别从公司外部和内部对这些问题进行了原因分析;并借鉴国外发达资本市场的经验,结合我国实际情况,对托普软件再融资进行了方案设计,通过优化股权结构,实施融资创新,进行融资可行性论证,完善内控及激励机制,确保再融资的有效进行。本文从托普软件的再融资案例中得到启示,国家要健全各种法规制度,在债券市场和监管等方面进行规范,为企业再融资营造一个健康的环境。
Refinancing as a kind of corporate financing activities, for listed companies to achieve the dual expansion of capital and assets. On the basis of studying the refinancing behavior of TOP SOFTWARE INVESTMENT CO., LTD., This paper points out the problems in financing structure and financing effect, and analyzes the reasons from the outside and inside of the company respectively. Capital market experience, combined with China’s actual situation, the Top refinancing software program design, by optimizing the ownership structure, the implementation of innovative financing, financing feasibility studies, improve internal control and incentive mechanisms to ensure the effective refinancing. This article is enlightened from the refinancing cases of Top Software. The state should perfect various laws and regulations, standardize the bond market and supervision, and create a healthy environment for refinancing enterprises.