我国上市公司对股权再融资有强烈的偏好,但股权再融资的扩张没有带来上市公司经营业绩同步增长,即股权再融资失效。本文从公司治理、中介机构、证券市场本身等方面,阐述了我国上市公司股权再融资失效的现状及原因,并提出了相关建议。 China’s listed companies have a strong preference for equity refinancing, but the refinancing of equity refinancing did not bring a simultaneous increase in the operating performance of listed companies, that is, equity refinancing failed. This article elaborates the status quo and reasons of the failure of equity refinancing of listed companies in China from the aspects of corporate governance, intermediary agencies and the securities market itself, and puts forward relevant suggestions.