上市公司股权融资的两难问题与出路  

The Dilemma and Outlet of Equity Financing of A-share Listed Companies

作　　者：王啸[1] Wang Xiao

机构地区：[1]中央财经大学中国保险精算学院

出　　处：《证券市场导报》2019年第11期4-13,共10页Securities Market Herald

摘　　要：A股市场的股权融资存在两难问题:一方面,在强势大股东与活跃散户并存的市场结构下,容易产生融资过热和杠杆套利的倾向,因此需要加大监管力度;另一方面,严格的管制会扭曲市场定价,滋生变相的杠杆融资。为实现提高直接融资比重和保护中小者利益、防范市场风险的双重任务,管理部门需要宽严相济,疏堵结合。The dilemma of equity financing in A-share market is as follows:on one hand,due to the co-existence of strong major shareholders and active retail investors,it is easy to generate the tendency of overheated financing and leveraged arbitrage;therefore supervision should be strengthened.On the other hand,strict regulation can distort market pricing and breed disguised leveraged financing.In order to achieve the dual tasks of promoting direct financing,protecting the interests of small and mediumsized investors and guarding against market risks,the regulators need to combine leniency with severity.

关 键 词：股权融资 定向增发 股权结构 杠杆融资 大股东 

分 类 号：F832.5[经济管理—金融学]