再融资是上市公司一种重要的经营行为,通过在证券市场上进行直接融资以扩大经营规模,同时其对能源、资源的利用规模和强度也不断加大,污染物排放也会增加。作为追求利益的经济主体,上市公司在生产经营中如果缺乏必要的监管和制约,往往会忽视对环境的保护,进而产生更加高昂的社会成本。我国目前虽对上市公司的再融资行为制定了约束条件,除了必须满足财务指标外,公司的环境保护情况、社会责任履行情况也会影响到能否获得再融资机会,但相关规定和具体实施仍存在诸多不足,应该全方位明确企业、监管部门等主体的责权义务,细化相关的操作程序,以便有效督促上市公司再融资过程中履行环境保护义务。 Refinancing is an important business behavior of listed companies. Through direct financing in the securities market to expand the scale of operation, as well as the scale and intensity of its use of energy and resources, the emission of pollutants will also increase. As an economic subject that pursues the interests, if listed companies lack the necessary supervision and restriction in their production and operation, the protection of the environment will often be neglected, resulting in more expensive social costs. At present, although the conditions for refinancing listed companies in our country have been set forth, in addition to meeting the financial targets, the company’s environmental protection and social fulfillment will also affect the chance of refinancing. However, the relevant provisions and specific implementation There are many deficiencies. Enterprises and supervisors and other departments should be made clear the responsibilities and rights and obligations, and the relevant operating procedures should be refined in order to effectively supervise the fulfillment of environmental protection obligations during the refinancing of listed companies.