1. Refinancing refers to the direct financing of listed companies in the securities market through allotment, issuance of additional shares and issuance of convertible bonds. Refinancing has greatly promoted the development of listed companies, and the refinancing function of China stock market has been paid more and more attention by relevant parties. Second, financing is just financing. The financial market is the financing market. Financial intermediary refers to the activities that both the supply and demand sides of funds use various financial instruments to adjust the surplus and deficiency of funds in the process of economic operation, which is the general name of all financial transactions. All kinds of financial instruments, such as stocks, bonds and certificates of deposit, are traded in the financial market. Financing is referred to as financing, which is generally divided into direct financing and indirect financing. Direct financing is the activity of direct financing between the supply and demand sides of funds, that is, the demanders of funds directly raise funds from institutions and individuals with surplus funds in society through the financial market; Correspondingly, indirect financing refers to the financing activities carried out by banks, that is, the demanders apply for loans from banks and other financial intermediaries to raise funds. Financing through financial products. The so-called financial products refer to various carriers in the process of financing, including currency, gold, foreign exchange, securities and so on. In other words, these financial products are the trading objects in the financial market. The supply and demand sides form the price of financial products, such as interest rate or yield, through the principle of market competition, and finally complete the transaction to achieve the purpose of financing.