Here is the English translation of the given content: "Equity secondary financing of listed companies"

Author: Zeng Zhaowu
Publisher:
Publish Date: 2004-01-01
Features: This book focuses on analyzing the various phenomena and their causes in the refinancing behavior of Chinese listed companies. The author argues that the main reason for the failure of refinancing by listed companies is the widespread existence of unfair related-party transactions. As China's securities market is still in its early stages of development, the related-party transactions of listed companies are primarily external, and there is a tendency for them to shift towards internal related-party transactions in the future. The widespread existence of unfair related-party transactions among Chinese listed companies is mainly due to inadequate ownership principal-agent relationships, weakened internal control mechanisms, low costs of fraud, and insufficient corporate incentive mechanisms. As a result, unfair related-party transactions have proliferated in large quantities as a form of agency compensation. In this book, the author also provides vivid and in-depth descriptions and suggestions regarding the failure of the operation of market intermediaries and the protection of the interests of small and medium-sized investors, which is highly valuable for reference.