定向增发融资是在股权分置改革的背景下,在借鉴成熟市场经验基础上引入的新型发行融资制度。其法律依据是2006年中国证监会颁布的《上市公司证券发行管理办法》。近年来,定向增发已成为上市公司再融资的首选方式。即使在2008年证券市场熊市期间,仍有107家上市公司通过定向增发再融资。2011年以来,定向增发方式的融资规模更是超过了IPO。 Private placement financing is a new type of issuance and financing system introduced on the basis of mature market experience in the context of share-trading reform. The legal basis is promulgated by the China Securities Regulatory Commission in 2006 << Listed Companies Securities Issue Management Measures >>. In recent years, private placement has become the preferred method of refinancing listed companies. Even during the bear market in 2008, 107 listed companies refinancing through private placement. Since 2011, the size of private placement of private placement has surpassed that of IPO.