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再融资一直是证券市场的重要功能和上市公司募集资金再发展的主要手段,自1993年5月31日轻工机械(600605)成功实施配股以来,仅增发和配股两种再融资方式累计募集的资金总额就超过2000亿元。虽然在近几年中国证券市场的大起大落中上市公司的再融资功能有所萎缩,但随着证券市场的逐步稳定,在管理层加强监管、上市公司规范发展和投资者更趋成熟的前提下,我国上市公司的再融资行为也开始趋于理性化。
Refinancing has always been an important function of the securities market and the main means of raising capital for further development of listed companies. Since the successful implementation of the rights issue by Light Industry Machinery (600605) on May 31, 1993, only two methods of refinancing and rights issue have been raised The total amount of funds on more than 200 billion yuan. Although the refinancing function of listed companies in the ups and downs of China’s securities market has shrunk in recent years, with the gradual stabilization of the securities market, under the premise of strengthening the regulation by the management, the standardization of listed companies and the maturity of investors, The refinancing of listed companies in China also began to rationalize.