Study On Financing Behavior And Capital Structure Of Listed Companies

The research of this paper is mainly spread out around capital structure and the financing behavior of listed companies in china ,utilizing theory and practice method. Aiming at the particularity of capital market in china, the main point is that various factors affecting listed companies' capital structure in china, analyzing in theory and experience .it is helpful to set up the framework of various factors affecting listed companies' capital structure, the main point lies in discussing the financing behavior of listed companies in china. Applying the viewpoint of the governance structure with finance , the governance effect of the capital structure and the financing behavior of the Chinese listed companies is analyzed in detail , the problem existing in Chinese listed companies' financing behavior and capital structure ,the defects existing in financing system carry out deep anatomy . Finally, the suggestion of the adjustment of enterprise financing structure and capital structural optimization should be put forward, the research conclusion and the research process of this paper is sum up as follows:All the paper is divided into 5 parts :Part 1 is an introduction. Introducing the way of thinking of selection of subject and the actuality of the research to the problem , introducing research technique and definite the scope of research and the research present situation of this problem.Part 2 is the introduction of the developing tendency and the summary of modern capital structural theory. The main point is MM theorem and the developing theory of modern capital structural theory . For example, weigh model , encourage theory, asymmetrical information and control theory are led into MM theorem. Moreover, the industrial organization theory, behavior financial theory and coporate governance theory and capital structure theory fused into the latest development of research theory is introduced :the influence of industrial property to capital structure , the influence of industrial competitive condition to capital structure , investor's unreasonable behavior has influence on enterprise financing decision to help the the empirical analysis.Part 3 is the empirical analysis to the influencing factor of listed company's capital structure in china, specifically with SPSS software and main composition analysis method, it correlated dividend policy, income tax, equity structure, non liability tax shield and income variation level of company , company growth, company's profit ability, asset structure, company's scale with capital structure(the contents embrace BTDR,BLDR,BSDR) ,we make the conclusion as follows: Comparing with the research result of influencing factor of the company's capital structure of the developed country , the influencing factors of the listed company's capital structure in china have partial similarnesses. As follows: growth factor, increase opportunity and non liability tax shield etc. empirical conclusion is coincided with theoretical analysis . however, actualtax rate, enterprise scale and dividend pay policy have great discrepancy with capital structure theory, equity structure has correlated with capital structure, each variable can not explain company's long-term liability rate.Again synthesizing to utilize empirical data. The author analyzes to correlate industrial organization with capital structure .we make the conclusion: the capital structural profession features of listed companies in our country are different from modern capital structure theory , because of the low effect of the capital risk disposition of the stock market in china .Part 4 is the empirical analysis to Chinese listed companies' financings behavior . Reaching for the company's financing structural analysis of the developed country, making the conclusion: profit financing ratio is the highest financing, bank loan is the most important way in the external financing , final just selecting equity financing, analyzing to the financing structure of Chinese listed companies, the listed company's financing...