在我国资本市场中配股增发有着举足轻重的地位，我国的上市公司在九十年代末期开始重视对证券市场再融资功能的利用，但由于种种原因，公司的再融资行为一度陷入无序状态，业绩作假、资金使用低效率的现象频繁出现。
本文运用实证研究的方法，研究配股增发对公司，投资者所带来的影响以及转配股，放弃配股与股权结构变动的关系等问题进行了分析，并提出了解决上市公司配股融资行为背后隐含的深层次问题的方法。
[关键词] 上市公司 配股增发 证券市场
Game Analysis about Booked-corporation’s Refinancing Behavior and Investor’s Reaction
Booked-corporations in China began to pay much attention to refinancing from middle of 1990s, these corporations’ refinancing behavior went out-of-order quickly for some reasons. Illusive finance data and inefficient use of money made investor despair. Now I tried to construct a game model to prescribe the phenomena according corporation refinancing behavior and investor’s reaction in security market of China. Firstly, I optimize three ways of refinancing and draw a experiential conclusion that company always choose minimum financing tools, so corporation behavior will obey the order. Then, I constructed dynamic game model based incomplete information to prescribe “payoff” between corporation and investor. I intend to demonstrate improving-cost should be key factor to design mechanism that will supervise corporation behavior. But because I do not think punishment is all-purpose, Finally, I used a point about viability of firm from Yifu-Lin for reference, I tabled a proposal that viability of financing should be regard as standard of regularization for refinancing of corporation.
Key words: book-corporation refinancing security market
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