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过度的股票筹资与优序筹资理论背道而驰,是一种掠夺性的筹资方式、杀鸡取卵的短期筹资行为,形成这种现象的原因主要是股票筹资的低风险、低成本与股市的“摇钱树”效应促使的,同时与不健全的投资风险约束机制和资本市场机制有密切关系。如果任其泛滥会给上市公司发展和股市成长带来非系统风险与系统风险。为了规范股票筹资,可以采取的措施有:提高股票发行门槛,完善股市淘汰机制,加大打击财务造假力度,规范股利分配,建立投资责任追究机制。
Excessive stock financing runs counter to the theory of optimal financing, which is a predatory financing approach to short-term financing of chicken eggs. The reasons for this phenomenon are mainly the low risk of stock financing, the low cost and the “cash cow” Effect prompted, at the same time and not perfect investment risk constraint mechanism and capital market mechanism are closely related. If left unchecked, it will bring non-systemic risks and systemic risks to the development of listed companies and the growth of the stock market. In order to standardize the financing of stocks, measures that can be taken include: raising the threshold for stock issuance, improving the stock market elimination mechanism, intensifying the crackdown on financial fraud, regulating the distribution of dividends and establishing an accountability mechanism for investment.