我国上市公司再融资方式主要有债务再融资和股权再融资。随着我国资本市场逐步进入全流通时代,通过增发股票实现股权再融资的方式越来越受到市场各方追捧,而增发再融资中又以非公开发行股票融资所占比重最大。本文通过对导致当前定向增发市场持续火爆的原因进行分析,揭示当前市场存在的风险,促使中小投资者更加理性地参与市场投资。 The methods of refinancing listed companies in our country include debt refinancing and equity refinancing. As China’s capital market has gradually entered the era of full circulation, the ways to realize equity refinancing by issuing more shares are more and more sought after by all parties in the market, while the proportion of non-public issuance of stock financing in the issue of additional refinancing is the largest. This article analyzes the reasons that lead to the current hot market for private placement, revealing the risks existing in the current market, and encouraging small and medium-sized investors to participate more rationally in market investment.