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配股、公开增发新股和定向增发新股是中国上市公司股权再融资的主要方式。中国上市公司股权再融资的方式经历了由配股向公开增发新股,再到流行定向增发新股的演变过程,本文着重探讨定向增发对公司的影响,定向增发新股融资引入了机构投资者,可以强化对上市公司的监管,从而降低代理成本,提高上市公司的业绩。并且,相对于配股、公开增发新股而言,定向增发新股融资的手续更简单,门槛更低,因此,定向增发新股融资是中国上市公司股权再融资的最佳选择。
Rights issue, public offering of new shares and private placement of shares is the main way of refinancing of listed companies in China. The way of refinancing the equity of Chinese listed companies has gone through the evolution from the rights issue to the public offering of new shares to the popular private placement of new shares. This article focuses on the impact of private placement on the company. Private placement of new shares into the institutional investors, Supervision of listed companies, thereby reducing agency costs and improve the performance of listed companies. In addition, compared with the placement of shares and public offering of new shares, the procedure for the private placement of new shares is simpler and the threshold is lower. Therefore, the private placement of new shares is the best choice for the refinancing of Chinese listed companies.