近年来对上市公司的股权再融资研究从未间断，A股证券市场与一 些成熟证券市场相比，无论是整体市场的环境还是参与者的素质以及制 度的建设，都存在明显的差距。这样就导致了一些在成熟市场行之有效 的制度方法无法在A股上市公司上直接完美实现，但还是有许多值得A 股证券市场借鉴的地方可以加以改良完善，同时通过有效融合现有的制 度和实际运作情况得以让这些好的制度优势在A股证券市场充分发挥作 用。 以2006年A股开始引入定向增发这项融资制度为界，2006年之前 上市公司绝大多数都采用配股再融资的方式，2006年之后上市公司再融 资选择时却几乎都放弃了配股转而热衷于定向增发，定向增发火爆发展 的趋势直到2017年受到各种新规的影响才有所放缓。对于我国上市公司 来说，通过定向增发再融资存在很多的问题，很多上市公司的控股股东 利用其控股优势侵害中小股东利益的现象屡见不鲜。 而今年以来债券融资市场各种违约的情况也时有发生，投资者频繁 踩雷，悲观情绪浓厚。可转债、可交换债融资市场对于很多投资者来说 又过于复杂。在这样的市场局面下，被大多数人遗忘的配股再融资的优 势一下子凸现出来，研究分析我国上市公司的股权再融资行为，尤其是 配股再融资行为就具有了十分现实的意义。同时本文在深入分析研究以 及借鉴港股成熟证券市场的成果后，得出现阶段A股证券市场通过提高 配股再融资比例完善上市公司再融资问题的可行性非常高。本文通过对 股权再融资的两种主要方式的历史和现状，优势和弊端进行具体分析,并 借鉴港股供股制度对A股配股再融资的完善提出相关切实可行的建议。 关键词：股权再融资，配股，定向增发，供股制度 RESEARCH ON IMPROVEMENT FOR RIGHTS ISSUE REFINANCING OF A-SHARE MARKET BY LEARNING FROM HONG KONG STOCK OFFERING SYSTEM ABSTRACT In recent years, the research on equity refinancing of A-share listed companies has never stopped. There is obvious gap between A-share market and some developed securities markets on the overall market environment or the quality of the participants or the construction of the system. This has restricted the perfect implementation of the systems which is effective in the developed securities markets on the listed companies in China, However, there are still many aspects that we can learn from the developed securities markets and improve our own. And we can leverage the advantages of the systems of the developed securities markets by integrating them with our own systems and practices. In 2006, A-share market introduced the targeted additional shares issuance financing system, which made the refinancing practices of listed companies in China totally different. Before 2006, majority of the listed companies adopt right issue for refinancing. But after 2006, right issue refinancing practices was given up and almost all listed companies turned to the targeted additional shares issuance for refinancing. The outbreak trend of the targeted additional shares issuance refinancing was not slowed down until 2017 due to many newly published regulations.There exist many problems on the targeted additional shares issuance refinancing for the listed companies in China. It is common that the controlling shareholders of many listed companies use their holding advantages to infringe on the interests of the minority shareholders. Since this year, bond defaults have been occurring from time to time in the bonding financing market, which make investors lose their money and become pessimism. On the other hand, the convertible bonds and exchangeable debts financing markets are too complicated for many investors. As a result, under current market environment, the advantage of the right issue refinancing forgotten by most people has been amplified. It has practical significance to study the seasoned equity offering refinancing behavior of listed companies in China, especially their right issue refinancing behavior. After in-depth analysis and research, the author refers to the existing practice of H stock markets for right issue refinancing and draws a conclusion in the paper that it is very feasible to improve the refinancing behavior for listed companies in China by increasing the proportion of the right issue refinancing. This paper analyzes the history and present situation, also the pros and cons of two major ways for seasoned equity offering refinancing and then put forward the practical suggestions to improve the right issue refinancing system of A-share market by learning from Hong Kong stock offering system. KEY WORDS: Seasoned Equity Offering, Rights Issue, The Targeted Additional Shares Issuance, Stock Offering System 目 录 第1章 绪论 ............................................................................................................................................. 1 1.1 研究的背景与意义 .................................................................................................................... 1 1.2 研究的内容和框架 .................................................................................................................... 2 1.3 本文的创新点和不足 ................................................................................................................ 3 1.3.1 本文研究的创新点 ......................................................................................................... 3 1.3.2 本文研究的不足 ............................................................................................................. 4 第2章 A股和港股市场上市公司股权再融资的现状及A股股权再融资的政策 ............................ 5 2.1 股权再融资方式的基本介绍 .................................................................................................... 5 2.2 A股和港股两地上市公司股权再融资的现状 ...................................................................... 6 2.2.1 A股上市公司股权再融资的现状 ............................................................................... 6 2.2.2 香港上市公司股权再融资的现状 ................................................................................. 8 2.3 A股市场上市公司股权再融资的政策 ................................................................................ 10 2.3.1 A股市场上市公司股权再融资的现行政策 ............................................................. 10 2.3.2 A股市场上市公司股权再融资政策的演变 ............................................................. 12 2.4 本章小结 .................................................................................................................................. 15 第3章 配股和定向增发的优劣势以及适用性分析 ........................................................................... 16 3.1 定向增发的优劣势分析 .......................................................................................................... 16 3.2 配股的优劣势分析 .................................................................................................................. 18 3.3 上市公司定向增发或配股后的二级市场表现对比 .............................................................. 20 3.4 配股和定向增发在股权再融资中的适用性分析 .................................................................. 23 3.4.1 从上市公司融资动机的角度考虑适用性 ................................................................... 23 3.4.2 从上市公司融资规模的角度考虑适用性 ................................................................... 24 3.4.3 从上市公司控制权的角度考虑适用性 ....................................................................... 25 3.4.4 从市场投资者结构角度考虑适用性 ........................................................................... 25 3.5 本章小结 .................................................................................................................................. 27 第4章 港股市场供股制度与A股市场配股制度的对比分析 .......................................................... 29 4.1 港股市场供股制度和A股市场配股制度的对比 ................................................................. 29 4.1.1 两种制度的发行流程介绍 ........................................................................................... 29 4.1.2 两种制度的差异比较 ................................................................................................... 30 4.2 供股与配股制度的优劣势分析 ............................................