Font Size: a A A

Study Of The Financing Structure Of The Network Company

Posted on:2003-04-07Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y D LiuFull Text:PDF
GTID:1116360092466653Subject:World economy
Abstract/Summary:PDF Full Text Request
In the article, the theory of capital structure of Internet Company is mainlydiscussed.As one growth industry, Intemet estate keeps quick groWth rate and one focus onthe caPital market in the new century But there are several serious problems from itsperfOrmance on the caPital market and the financing practice of the Intemet Company.As we knoW one main reason is the caPital struCture stUdy of lllternet ComPanylagging its financing practice. Leaming from the research approach of existingcorPorate caPital structure theory, the caPital structure study of Internet Company isrush and practicable through the all-sided research and summing-up of thedeveloPmellt of Internet estate and the financing practice of Internet Company.Firstly, the development and investment value evolution of Internet estate arestudied. From the review of the formation and development of Intemet estate, thefOllowing tOpics are discussed closely: the microstructure of Internet estatC, theeconomic characteristics of Internet eState, and the main operation ideas of Internetcompany as well.Secondly, the main research topic that the caPital structure theory of lnternetCompany is studied. With detailed analysis of the financing means and finance demandof Internet Company, while learning from the research angle and method of exitingcorPorate caPitaI structure theory, the caPital structure theory for Internet ComPany isstudied from the foIlowing angIes' financing capital cost, market competition structure,information economics and trade-off theory as welI. The research resuIts mainlyinclude: credit caPital is not equal with stock caPital, low risk caPital structure is onestrategic choice and competition advantage; more caPital from the core stocAnolder andfamous investment institution, more easier the company can finance; relationshiplending is one important credit financing means fOr Internet Company; from the pointof tfade-off theory, conservative caPital structllre is suitable for IntCmet Companypresently; small proportion is preferable when liability level is readjusted, since it iseasier to access the optimal caPital struCture.'The financing practice of international hiternet Company is another research fOcusin this article. From the first hand data, the financing practice of both new bom andlisted Intemet Company of the UAS is closely studied. It result in the followingconclusions' core stockhoIder, commerciaI bank and commercial credit are the majorfinance providers, while the proportion is about 70%; the finance proPortion from corestocMiolder is dropping yet from commercial bank and non-bank financial institution isrising with the evolution of the non-liSted Iniernet company; the major pwt of the liStedlnternat company on the NASDAQ choose conservative caPital structure and propertyto liability ratio is very low. Basing on the study of the evolution of informationtechnology corPorate capitaI structure, it is forecasted that the caPital structure ofIntemet Company will evolve towards new caPital structure characterized in high riskand high returns progressively. Especially, the financing practice of Asia LimitedLiability Company is deeply studied. From the research of the relationship of caPita1structure and corPorate govemance of Internet Company, some constructive advice isobtained.FinaIly, in order to promote Internct estate of our country the Intemet Companyfinancing environment should be optimized urgently. Some constructive policy andadvice comprising market environment, finance environment and correlative regulationis raised from the comparison study of intemational Internot Company financingenvironment.
Keywords/Search Tags:Internet Company, Internet estate, Capital Structure, Corporate governance, Finance liberalization
PDF Full Text Request
Related items