关键词: 权益再融资 , 监管规则 , 制度变迁

Abstract: Since 1993，China Securities Regulatory Commission (CSRC) has always tried to control the behavior of listed companies and improve the functioning of China's stock market by the changes of rules of seasoned equity offerings (SEOs)The emergence of right issues，public offerings，convertible bonds and the adjustment of their minimum thresholds constitute the core of SEOs regulation in ChinaBefore 1999，it was the quota system that determined the regulatory framework of SEOsAfter the enforcement of the approval system，although the introduction of market principle intensified outside discipline of SEOs，the ownership split structure institution once made the regulation of SEOs in great troubleWhen the ownership split reform initiated in April 2005 was partially finished，the emergence of credit explosion induced by the global financial crisis compelled CSRC to redesign the SEOs regulatory rules，which paid more attention on issues of the cash dividend of listed companiesThe current SEOs regulatory rules in China are transitional and should be redesigned in future

Key words: seasoned equity offerings , regulatory rules , institutional evolution