上市公司再融资方式的选择研究----毕业论文

2008届本科毕业论文（设计）论文题目上市公司再融资方式的选择研究学生姓名所在学院电子商务学院专业财务管理学号指导教师成绩2008年4月XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A15A16A17A18A19A20A21A22A23A24A252XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业财务管理作者学号_年_月_日XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A15A16A17A18A19A20A21A22A23A24A253XXX大学本科学生毕业论文（设计）开题报告表A26A27A28A29A30A31A32A33A34A35A36A37A38A39A40A41A42A43A44A45A46A47A26A27A28A29A30A31A48A49A50A51A26A27A28A29A30A31A52A53AA54A55A26A46A47A56A57A58A59A60A32A58A61A62A63A64A65A66A55A29A30A67A43A68A34A35A36A37A38A39A40A69A34A35A36A37A70A71A43A72A73A74A75A76A77A78A35A79A43A80A74A81A82A69A83A84A40A49A43A85A86A87A88A89A90A91A70A71A92A93A43A94A63A95A96A77A78A35A79A39A40A97A70A71A98A99A76A100A101A102A103A89A104A105A34A35A36A37A89A106A107A108A109A110A50A111A70A71A112A74A89A95A96A77A78A35A79A113A55A114A115A38A39A40A89A97A116A117A118A119A70A71A43A82A120A76A34A35A36A37A95A96A77A78A35A79A38A39A40A43A41A42A121A74A91A87A122A123A124A70A123A70A125A126A127A128A129A78A130A94A63A129A78A89A131A132A133A134A135A77A78A43A70A71A43A136A102A137A138A139A140A136A102A43A104A141A76A38A39A40A142A34A35A36A37A43A70A71A139A80A74A43A143A144A104A141A89A46A47A34A35A36A37A38A39A40A125A105A145A91A80A74A43A84A83A146A147A76A148A46A47A44A149A150A113A103A151A152A153A89A145A91A154A155A43A156A157A158A123A51A159A158A76A148A160A149A161A162A163A164A165A166A167A168A169A170A171A172A173A174A175A176A177A164A178A179A180A181A182A169A183A184A172A185A167A186A187A188A189A190A191A166A192A193A169A170A171A194A195A172A196A197A198A199A165A200A201A186A187A165A166A202A203A166A204A205A192A193A172A206A207A208A164A209A210A186A187A169A211A212A213A196A197A198A199A165A214A215A165A216A205A217A172A218A219A220A221A185A167A186A187A165A216A222A223A172A181A224A165A216A225A226A213A166A227A228A196A197A229A230A231A232A169A233A234A235A236A172A237A238A185A167A186A187A198A199A165A233A179A180A170A171A169A205A239A240A241A213A235A236A191A242A233A164A178A179A180A169A181A182A202A170A171A178A243A244A245A246A247A248A172A233A249A164A250A251A167A168A169A252A253A170A171A254A178A255A67A240A241A213A235A236A22A230A176A166A227A228A124A0A1A2A188A3A172A182A4A210A172A183A5A6A202A200A7A6A8A172A186A241A235A236A208A200A7A9A225A5A169A22A230A172A188A241A183A5A6A22A10A214A215A235A236A172A186A11A12A13A14A235A172A14A192A235A236A172A233A234A118A15A235A236A213A196A16A17A242A44A185A167A186A187A198A199A165A175A243A18A19A20A254A178A21A23A6A169A183A5A6A227A228A172A200A215A198A199A165A175A59A178A185A167A186A187A24A25A219A26A169A213A166A12A27A28A237A238A172A8A185A167A186A187A198A199A165A29A30A169A31A32A172A220A162A186A187A33A16A34A35A30A36A202A252A253A170A171A30A36A172A92A37A199A165A38A208A39A165A38A169A204A40A172A217A165A166A167A168A30A41A42A43A45A170A46A240A241A172A81A164A47A48A225A169A170A171A49A50A213A227A240A51A52A176A166A12A219A185A167A186A187A240A81A235A236A233A53A172A225A5A231A22A199A165A54A55A202A186A187A199A165A208A232A54A169A9A56A54A55A172A205A57A235A236A235A58A249A164A185A167A186A187A198A199A165A215A81A169A170A171A110A60A239A58A118A15A249A164A185A167A186A187A198A199A165A169A170A171A173A57A240A58A235A236A249A164A185A167A186A187A198A199A165A22A230A169A61A62A241A58A220A63A64A65A249A164A185A167A186A187A198A199A165A215A81A169A233A66A68A69A172A248A70A237A238A198A199A165A71A22A230A250A50A72A191A169A73A74A75A76A77A78A79A176A80A243A73A74A176A82A137A55A12A169A245A246A51A83A99A84A85A51A52A86A239A87A87A88A89A235A87A90A91A91A235A235A90A93A94A80A95A73A74A176A97A239A233A185A167A186A187A198A199A165A96A98A199A165A22A230A201A100A169A237A238A86A239A87A87A88A89A235A239A90A91A91A239A87A87A101A89A235A90A93A94A80A102A73A74A176A235A236A185A167A186A187A198A199A165A22A230A169A61A62A86A239A87A87A101A89A235A90A91A91A239A87A87A101A89A235A90A93A94A80A103A73A74A176A237A238A185A167A186A187A198A199A165A22A230A169A170A171A104A105A86A239A87A87A101A89A235A90A91A91A240A90A94A80A106A73A74A176A72A224A185A167A186A187A198A199A165A215A81A169A233A66A68A69A172A248A70A237A238A199A165A107A71A86A239A87A87A101A89A239A90A91A91A239A87A87A101A89A241A90A94A72A191A55A12A59A254A108A169A109A111A112A113A176A196A197A114A238A12A13A115A233A9A56A228A116A116A117A119A170A120A169A55A12A75A12A121A214A215A122A123A125A115A126A127A201A73A74A117A128A233A129A228A116A169A235A236A55A57A202A183A4A115A130A131A71A169A132A4A235A236A185A167A186A187A198A199A165A169A22A230A61A62A99A31A32A75A170A171A104A105A213A245A246A133A134A135A136A176A138A16A176A55A12A86A139A140A94A125A141A176A142A91A54A55A235A236A143A144A91A145A241A235A236A143A146A91A147A111A139A140A148A143XXXA149A150A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A168A169A170A171A173A174A175A1774摘要上市公司利用资本市场进行再融资，是其能快速扩张，持续发展的源泉之一。目前我国上市公司再融资主要采用股权融资，具体包括配股、增发、可转换债G2060G12573G989G12193再融资方式。本文对G5445G2721上市公司配股、增发、可转换债G2060G17885G6333行G1038的G9520在因G13044进行G1114G2090G7524，G1186G993G2528方G19766G6518G13046上市公司G2524理G17885G6333再融资方式的有G6940G17896G5464，G2010G7524G1114上市公司再融资方式的发展G17247G2195，G6564出G1114G1182G2530再融资的G7380G1351G17885G6333G1186融资成本、G16280G8181和G9801G8975G5627的G16294G5242G2010G7524，可转换债G2060具有明G7186G1260G2195，G1552得上市公司G12227G7509G17885用。G5194对上市公司融资G2031G7044采用G3822G12193融资方式，进行G13464G2524融资G6564出G1114G11468G1863G12586G11065。关键词A178再融资可转换债G2060股权融资融资方式融资G5049具XXXA179A180A181A184A185A187A189A190A191A193A194A195A197A198A199A200A201A202A203A204A205A206A207A208A209A2105ABSTRACTATPRESENT,CHINASLISTEDCOMPANIESMAINLYUSEEQUITYFINANCINGFORREFINANCING,INCLUDINGRIGHTSISSUE,ADDITIONALSTOCKISSUE,CONVERTIBLEBONDSETCTHISARTICLEEXPLORESTHEPOTENTIALFACTORSOFEFFECTSONLISTEDCOMPANIESBEHAVIORABOUTRIGHTSISSUE,ADDITIONALSTOCKISSUEANDCONVERTIBLEBONDS,ANALYZESTHEEFFECTIVEAPPROACHFORLISTEDCOMPANIESTOCHOOSEREFIANACINGWAYFROMDIFFERENTAREASREASONABLYANDANALYZESTHEDEVELOPMENTTRENDOFREFINANCEAPPROACHFORLISTEDCOMPANIESSOMECORRESPONDINGSTRATEGIESONPROTFOLIOFINANCINGAREALSOTOBEPUTFORWARDKEYWORDREFINANCINGCONVERTIBLEBONDSEQUITYFINANCINGFINANCINGWAYFINANCINGTOOLSXXXA179A180A181A184A185A187A189A190A191A193A194A195A197A198A199A200A201A202A203A204A205A206A207A208A209A2106目录A211A212A213A2147A215A216A218A219A220A221A222A223A224A226A228A2297A230A233A234A216A236A218A237A238A2428A243A216A236A2188A244A216A238A2428A230A215A234A216A245A246A247A249A2519A252A216A253A254A255A10A220A221A222A223A224A226A0A111A230A233A234A216A54A2A253A254A255A10A220A221A222A3A56A226A19A4A25A5111A216A57A3A245A6112A216A215A12A254A11A7A8123A216A222A59A88A9A60A238134A216A221A222A15A13A237A61A14135A216A63A16A197136A216A65A249A105A17147A216A255A10A226A222A66A168A18148A216A79A20A0A114A230A215A234A216A253A254A255A10A220A221A222A21A2215A230A252A234A216A253A254A255A10A220A221A222A223A224A0A1A226A242A23A24A2616A27A216A172A28A253A254A255A10A0A1A220A221A222A223A224A226A29A30A31A3219A230A233A234A216A220A221A222A3A56A76A218A13A33A34A35A56A36A222A13A37A38A237A39A40A242A23A35A56A187A37A4119A230A215A234A216A42A255A10A67A222A226A43A44A120A20A45A0A1A221A222A223A22419A230A252A234A216A162A46A221A222A30A68,A69A47A253A254A255A10A71A48A221A22220A230A27A234A216A33A150A220A221A222A49A72,A73A50A70A39A249A251A216BA218A254A11A51A162A46A221A222A30A6820A52A216A186A53A55A58A221A222A223A224,A133A62A64A41A221A22220A230A233A234A216A75A74A77A78A64A41A221A222A223A80A81A211A197A221A222A237A82A197A221A222A37A4120A230A215A234A216A83A194A84A85A21A86A221A222A87A43,A186A89A55A58A221A222A223A22421A230A252A234A216A90A131A91A92A221A222A226A197A93A94A321A230A27A234A216A95A96A221A222A97A9822A230A52A234A216A150A17A99A100A237A242A23A222A13A254A11A36A238A101A254A11A102A10322A104A216A37A106A10722A108A10923A110A111A112A11323A114A115A110A11131A116A11733XXXA118A119A121A122A123A124A125A126A127A128A129A130A132A134A135A136A137A138A139A140A141A142A143A144A145A1467一、引G16340上市公司再融资是上市公司发展的G5529G9994要G8726，G16789G2060市场的重要G2163能是G4466G10628资源的G1260G2282配G13634，G1363具G3803发展前G17896的G1237业G17902G17819G16789G2060市场融资以发展G3778大。G994此G2528G7114，作G1038上市公司，G2029G5224G7693G6466G14270G17535发展G19668要，G17902G17819G16789G2060市场G2524理G17878G5242再融资，以G14731得持续发展的能G2159。在我国，上市公司再融资G9204G17959G19555G11540G13475G8994体G2058G6925G19773的G993G7041G9157G2282，G13475G17819一个G1186G2345一G5627G2052G3822G1815G2282发展的G17819G12255。目前，上市公司再融资方式主要有发行债G2060融资、G19146行G1461用融资、股权融资。G6365G10043融资理论，再融资方式可G2010G1038G1881源融资和G3818源融资。G1881源是G1237业G14270G17535G12227G13059，G3818源包括债权和股权。上市公司G17902G17819G16789G2060市场再融资方式主要有配股、增发、发行可转债G2060和G1237业债G2060，G1194G1216在我国G16789G2060市场的发展G19466G8585起G2052G1114G993G2528的作用。G1120、股权再融资方式的G8616G17751资本结G7512理论G16760G1038，融资方式的G17885G6333G2475资本成本G5445G2721。对债务融资G13792G16340，债务资本成本G994债权人所G19668G8726的G6922G11422G10587G11468G1863G727对股权融资G13792G16340，股权融资成本G994股G1008所G7411G7407的G6922G11422G10587G11468G1863。在资本市场发G17810国G4490，公司的管理G4630G2475G2052股G1008的G11840G13434束，G13475常G19766临G2010红派息的压G2159，股权融资成本G5194G993低，G13792且由于债务避税作用，债务成本往往低于股权筹资成本。G4466G16789研究表明，上市公司一般先G1363用G1881部股权融资（即留存G6922G11422），其次是债务融资，G7380G2530才是股权融资。我国上市公司虽G9994也表G10628出G1260先G1363用G1881部股权融资的倾向，但是，国有股一股独大的特殊股权结G7512和国有的控股股G1008普遍G993G2052位的G10628象，已G13475严重G5445G2721G1114股G1008对G13475理G4630的G13434束，导致XXXA147A148A149A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A169A170A171A173A174A175A1768G13475理G4630G17819G2010追G8726对资本的控G2058权，其结果G5529G9994是上市公司对股权再融资有明G7186偏好G727再加上上市公司没有G2010红减息压G2159，G3818部股权融资成本即成G1038G1114公司管理G4630可以控G2058的成本，所以我国上市公司一般将G3818部债务融资的顺序排列在G3818部股权融资之G2530。目前上市公司的再融资方式主要有G989G12193配股、增发和可转换债G2060，在核准G2058框架下，这G989G12193融资方式都是由G16789G2060公司推荐、中国G16789监会发行审核委员会审核、发行人和主承销商确定发行G16280G8181、发行方式，发行价格。这G989G12193再融资方式既有G11468G17902的一G19766，也有许G3822差异，这些差别是上市公司G17885G6333再融资方式的主要依G6466。下G19766主要对这G989G12193融资方式进行G8616G17751。（一）、配股和增发1、配股配股即向老股G1008G6365一定G8616例配售G7044股，由于G993涉及股G1008之间利G11422的平衡，且操作简G2345，审批快捷，因此是上市公司G7380G1038熟悉得心G5224手的融资方式。配股的G7380大G1260G2195在于考虑G1114G10628有股G1008的权G11422，但存在的明G7186缺陷是配股权G993能流G17902，G7380直接的G5445G2721就是交易的低G6940G10587。但G19555G11540管理G4630对配股资产的要G8726越来越严格，即只能以G10628金进行配股，G993能用资产进行配股。G2528G7114G19555G11540中国G16789G2060市场的G993G7041发展和向国际惯例的靠拢，目前配股将逐步淡出上市公司再融资的历史舞台。2、增发增发是向包括原有股G1008在G1881的全体社会公众发售股票，其G1260点在于限G2058条件G17751少，融资G16280G8181大。增发G8616配股更符G2524市场G2282原G2029，更能G9397G17287XXXA147A148A149A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A169A170A171A173A174A175A1769公司的筹资要G8726，但G994配股G11468G8616，本G17148上没有大的G2318别，都是股权融资，只是操作方式上G11065有G993G2528G13792已。增发和配股作G1038股权融资，其G1260点表G10628在（1）、G993G19668要G6915G1196利息，公司只有在G17206利G5194且有G1817G17287G10628金的G5785G1929下才考虑是G2554G6915G1196股利，G13792G6915G1196G994G2554及G6915G1196G8616G10587的G1927定权由公司G14903G1119会G6496G6581G727（2）、G7092G1619G17836本金的要G8726，在G1927定留存利G9082和G10628有股G1008配售G7044股G7114，G14903G1119会可以G14270主G6496G6581利G9082留存和配售的G8616例及G7114G7438，G13792且G17828作成本G17751低。配股和增发G1861G2528缺点是（1）、融资G2530由于股本大大增加，G13792G6249资G20045目的G6940G11422G11713G7411G1881G19602以G1457持G11468G5224的增G19283速G5242，G1237业的G13475G14841业G13501指标往往G15999G12244G18334G13792下G9381，可能出G10628融资G2530G6940G11422G2465G13792G993G3926融资前的G5785G1929，G1186G13792严重G5445G2721公司的G5430象和股价。G5194且，作G1038股权融资，由于股权的G12244G18334G17836可能G1363老股G1008利G11422G4600其是控股权G2475G2052G993利G5445G2721。（2）、融资的成本G17751G20652，G17902常G1038融资G20081的G24G705G7941G19G705。（G22）、G19668考虑是G2554会G5445G2721G10628有股G1008对公司的控G2058权。（G23）、股利只能在税G2530利G9082中G2010配，因此G4439G993G3926G1042债能G14731得减税的好G3800。（G1120）、可转换债G2060可转换债G2060全G12228可转换公司债G2060。在目前国G1881市场，指在一定条件下可G15999转换成公司股票的债G2060。可转债具有债权和G7411权的G2464重G4658G5627，其持有人可以G17885G6333持有债G2060G2052G7411，G14731取公司G17836本G1196息G727也可以G17885G6333在既定G7114间G1881转换成股票，G1151G2475股利G2010配G6122资本增G1552。可转换债G2060的G7380大G1260点具G3803G1114股票和债G2060G1016者的G4658G5627，结G2524G1114股票的G19283G7411增G19283G9520G2159和债G2060所具有的G4445全和G6922G11422G3278定的G1260G2195。此G3818，可转XXXA147A148A149A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A169A170A171A173A174A175A17610债G8616股票具有G1260先G1619G17836的要G8726权。可转换债G2060G1872具股票和债G2060的特点，G5415股市低G17867G7114，G6249资者可G17885G6333G1151G2475利息G6922G11422G727G5415股市G11487好G7114，G6249资者可将其G2346出G14731取价差G6122者转成股票，G1151G2475股价上G9084G6922G11422。因可转换债G2060有G6922G3250本金的G1457G16789和G2060G19766利息的G6922G11422，G13792且其G6249资者往往G2475G3250售权的G1457G6264，G6249资G20130G19517G17751G4579且G6922G11422可能G17751大。G994此G2528G7114，可转换债G2060的转股和G1829G1196压G2159对公司的G13475G14841管理者G5430成G13434束，G17855G1363G1194G1216G16892G5922G1927G12586、G2174G2159G6564G20652G13475G14841业G13501，这些因G13044G1363可转换债G2060对G6249资者G5468具G2572引G2159。G1119G4466上，发行可转债G994增发G7044股G19762常G12879G1296。G3926果可转债全部转股成G2163，其G4466是G11468G5415于G6365转股价增发G1114一批股票。G2318别是增发G7044股G5415G7114一次G5627全部计G1849G5647股本，G13792可转债是G5322G7411G9188次转G1849G5647股本，因G13792可转债可G16760G1038是一G12193G256推G17843的股本融资G257，对上市公司来G16840，发行可转换公司债G2060的G1260点G2325G2010明G7186。G20330先是融资成本G17751低G6365G16280定转债的票G19766利G10587G993得G20652于G19146行G2528G7411存G8466利G10587，G14521G7422G15999转换，G2029G11468G5415于发行G1114低利G10587的G19283G7411债G2060。其次是融资G16280G8181大由于可转换债G2060的转股价格一般G20652于发行前一G8585G7114G7411的股票平均价格，G3926果可转换债G2060G15999转换G1114，G11468G5415于发行G1114G8616市价G20652的股票，在G2528G12573股本扩张条件下，G994增发和配股G11468G8616，可G1038发行人筹得更G3822的资金。其G989，业G13501压G2159G17751G17743。一个G6249资G20045目的G2620G7411往往G19668要G22一G24年，G11713G7411G1881G6940G11422可能G5468G4579G10990G14279没有，G3926果采用增发G6122配股融资，G5415G7114全G20081计G1849G5647股本、G2227集资金全部计G1849G1940资产，G8611股G6922G11422及G1940资产G6922G11422G10587这G1016G20045G1863G19202指标G5415即G15999G6686G15192，公司将G19766临G5468大的业G13501压G2159。发行可转债G2029G993G2528，XXXA147A148A149A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A169A170A171A173A174A175A17611可转债G14279少G2334年之G2530方可转G1038股票，因此股本的增加G14279少有G2334年的G13543G1926G7411，即G1363进G1849可转换G7411G2530，G1038避G1825股权G12244G18334得G17819快，上市公司G17836可以在发行公G2590中，G4445排转股的G20069G10587，G2010G7411G6365G8616例转股，股权扩张可以G19555G11540G20045目G6922G11422的逐G9188体G10628G13792进行，G993会G5468快G6686G15192股本，因G13792避G1825G1114公司股本在G11713G7411G1881的G5625G2107扩张，G5194且G19555G11540G6249资者的债转股，G1237业G17836债压G2159也会逐G9188下G19489，因G13792G8616增发和配股更具G6228G5051G5627和G9801G8975G5627。G1186对G1120G13435市场的G5445G2721G11487，增发G994配股，可转换债G2060均对股价有一定G17139G19766G5445G2721，但可转换债G2060的G17139G19766G5445G2721G11468对G5381一些。G989、上市公司融资方式的G17885G6333资本结G7512理论G16760G1038上市公司在G17885G6333融资方式G7114，G5224G7693G6466市场G10627G3671和公司G14270G17535条件以及发展G19668要，G7693G6466G6922G11422G994G20130G19517，G14270主G17885G6333融资方式，G2524理确定融资结G7512，以G17885G6333G7380G17878G2524G14270G5061的融资方式以资本成本G7380低G4466G10628G1237业价G1552G7380大G2282。一般来G16840，上市公司在G17885G6333融资方式G7114，可以G2454考以下融资顺序G1881部融资（公G12227金转增G12573），债务融资（商业G1461用、可转换债G2060、G19146行G17163G8466G12573）、股权融资（增发、配股G12573）。但G4466际操作G19668要G7693G6466市场G10627G3671和公司G14270G17535条件以及发展G19668要G17885G6333G7380G17878G2524G14270G5061的融资方式。（一）、G5445G2721上市公司融资G12586G11065的主要因G130441、G6931G12586法G16280G1186我国的G4466际G5785G1929G11487，G5445G2721上市公司融资的G20330要因G13044是有G1863的G6931G12586法G16280，以及中国G16789监会有G1863部G19388在G4466G7057G17819G12255中对G6931G12586法G16280G6496G6581的G7506G13051和G2159G5242。XXXA147A148A149A151A152A153A154A155A156A157A158A159A160A161A163A164A165A166A167A169A170A171A173A174A175A176121G28G288年以前再融资主要以配股G1038主,2G19G191年G22月份中国G16789监会发布G1114，G5415年有1G19G19G3822G4490上市公司先G2530G6564出增发方案,这标志G11540以配股G1038主的再融资G8181式逐G9188G15999打破。G2528年G23月，中国G16789监会发布上市公司发行可转换公司债G2060G4466G7057办法，上市公司又增加G1114一条G7044的再融资G9204G17959。G2528年12月监管部G19388透露可转债将可能替代增发和配股，成G1038G7422来再融资的主G16294。统计结果G7186示，2G19G19G23年全年可转债G5647G20081G20652G178102G19G28亿G1815，超G17819往年。2G19G19G24年，可转债发行井喷，前G989季G5242发行的12只可转换债G2060筹资1G222亿G1815，已接近增发、配股筹资G20081的G5647和1G23G24G24G28亿G1815。A1772G19G19G24年股权G2010G13634G6925G19773启动，暂停再融资。11月全国人大颁布G7044G16789G2060法和公司法，采取方便公司再融资的立法取向，取消G1114诸G3822限G2058G5627G16280定。G2528G7114G7044G16789G2060法放开G1114对再融资G2227集方式的限G2058。2G19G196年G23月G16789监会公布上市公司G16789G2060发行管理办法征G8726意见稿，G6564出再融资G6931G12586的七大变G2282配股G993再G256强G2346G257，再融资G19388槛G17878G5242G19489低，取消G1016次发行的间隔G12573。A178统计结果G7186示，2G19G196年全年再融资G5647G20081G20652G178101111亿G1815，G2031历史G7044G20652。2、G1120G13435市场特点G7186G9994，G5415G1120G13435市场G3800于牛市G7114，G7092论是发行G7044股G17836是发行可转换债G2060，都容易G14731得市场的接G2475，以G17751G20652的价格，G17751低的成本成G2163融资。但是G5415G1120G13435市场持续走低G7114，G2029G19668要G5922重考虑，因G1038此G7114G1237业增发G7044股可A179A180A181A182A183A184A185A183A188A189A190A147A191A192A193A195A196A171A160A161A163A164A191A198A165A166A167A199A200A181A201A175A176A202A183A188A203A204A175A176A202A183A205A206A206A207A208A209A210A212A213A214A215A216A217A218A219A220A217A221A222A223A224A225A226A227A228A229A230A231A232A233A234A235A236A237A226A216A217A239A240A218A241A242A226A216A243A244A244A246A247A248A247A249A250A251XXXA235A252A253A254A255A1A0A2A9A10A3A12A13A4A5A6A229A230A231A7A8A11A14A15A16A1713能G19602G5242G17751大，成本G17751G20652，G13792配股G11468对容易。可转换债G2060G11468对G13792G16340G8616G17751G9801G8975，G14521股市G3800于熊市但中G19283G7411G1881可G7407走牛，G2029由于G6249资者有G14731取转股价差G6922G11422的预G7411G13792会G12227G7509购买G5194且G256债转股G257。G2465之，G14521股市G3800于牛市G13792在转股G7411间可能G17247于走熊，G2029G6249资者G256债转股G257G17751少因G13792有利于公司G4466际上主要以债G2060方式低成本地融资。因此，熊市G7114上市公司发可转换债G2060更G3822地具有股权融资特点，G13792牛市G7114G2029债G2060融资的特G5627G17751强。G22、资金G19668G8726G5785G1929G3926果上市公司资金G19668G8726G5625G17855，G2029操作简便快捷的配股以及G19146行G17163G8466可能是G17751G1351G17885G6333，G14521公司资金G19668G8726G993太G5625，G2029可以G7693G6466其G1194因G13044和条件再G17885G6333G2524G17878的融资方式。G13792G5415公司资金G19668G8726量大G7114，G2029宜考虑增发G7044股G6122者发行可转换债G2060。G23、融资成本和G20130G19517这是上市公司G17885G6333融资方式的重要因G13044。G993G17819，债务融资虽G9994成本G17751低，但是由于G19668要G17836本G1196息，公司G13475G14841G993G1351G7114可能导致财务危G7438G10990G14279生存危G7438，G13792发行股票G2029没有这G12193G20130G19517，即G1363公司G13475G14841G993G1351，也只会导致公司的市场G5430象和股价G2475G2052G5445G2721。这也是许G3822上市公司融资G7114偏向于股权融资的重要原因。G24、G3250报G7411融资G7114G5224考虑G20045目预G7411产生G6940G11422的G7114间。G8616G3926一个G20652科G6228公司拟融资G6249资一个G20045目，预计该G20045目在头几年G993会产生利G9082，因此G17885G6333股权融资就G8616G17751有利，因G1038G4439没有定G7411G6915G1196利息的G10628金G6915出压G2159。再融资G2530股本扩大，业G13501能G2554G2528步增G19283，这是对上市公司的考验，G3926果资金利用XXXA18A19A20A21A22A23A24A25A26A27A28A29A30A31A32A33A34A35A36A37A38A39A40A41A42A4314G6940G10587低下G10990G14279闲G13634，公司业G13501G2475G2052G12244G18334，上市公司G13475G14841G20130G19517呈G10