This paper studies firstly the concept and characteristic of proceeds abuse, then analyses the present condition of proceeds use, at last puts forward some suggests and policies of improving the proceeds use of Chinese listed companies.

A Study on the Market Conductibility of the Alteration of Financing Capital s Use from the Listed Companies;

The problem of alternation of financing capital from the listed companies has become more and more serious in recent years.

The phenomenon of the listed companies altered the financing capital s usage in a large scale has been gain wide attention in recent years.

Private fund has great difference with public fund, while compara- tively private fund has more advantages in operation.

In the recent years,the fund industry develops fast,but there is a unisonous phenomenon that public fund managers transfer to private placement fund at a high rate.

Private funds have the advantages which can not be re- placed by public funds.

In China, the public-raising foundation is a kind of non-governmental organizations and also is closely related to the government reform, in certain sense, it is actually the product of the government reform and the external forces generated within system, it is similar to government-run in some sense.