This paper analyzes the effect of ownership structures,expropriation of minor shareholders and financing constraints on the mis-investement of SEO proceeds.Using 439 rights offering samples from 1998 to 2001 in China stock market,we find that the higher the financial slack before SEO,the more likely the abuse of the raised fund.And the lower the subscription ratio of large shareholders,the more likely the abuse of the raised fund.However,the concentration of ownership doesn't significantly affec...