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Financing Structure Of Listed Companies: Theory And Empirical Research

Posted on:2005-01-12Degree:DoctorType:Dissertation
Country:ChinaCandidate:G ChenFull Text:PDF
GTID:1116360122480559Subject:Public Finance
Abstract/Summary:PDF Full Text Request
Based on the principle and analysis method of firm theory and finance theory, the dissertation studies firm's financial structure and corporate governance. It brings new meaning to enterprise's financing structure. The discussion includes theoretical and empirical analysis, especially on Chinese listed companies and security market. The purpose of this dissertation is to find out some rule of enterprise's financing behavior and to promote corporate governance and financing structure.â…  The main contents of the dissertationThe dissertation, with 7 chapters, has about 170 thousand words.Chapter 1 The main content of chapter 1 is to carry on theoretical analysis on enterprise's financial structure. First, the first chapter introduces modern main current firm theory. Considering enterprise as a bunch of incomplete contracts is the logical beginning of this paper. Then it discusses the new meanings of financial structure. Compared with traditional ideas, it combines financial structure with corporate governance, enriching the meaning of financial structure. And then, it concludes and evaluates the development history of capital structure, pointing out that the development history of capital structure has a very important methodology value to this dissertation. It continues to analyze "outer" factors to influence the firm's financial structure, including the role of government in the economy, the property right and enterprise property right institution, the investment and financing system and the efficiency of security market and so on. Finally it discusses the relation of financial structure and corporate governance.Chapter 2 The main content of chapter 2 is to analyze the preference of stock financing of Chinese listed companies. Enterprise's selection between stock and debt financing is a basic problem when we research financial structure. First it compares stock financing with debt financing in theory, including financial characteristic and impacts on enterprise power distribution system. Compared to the financial transaction of firms in developed countries, it holds that Chinese listed companies have an obvious trend to use stock financing when needing capital. On the basis of proceeding discussion, it researches the reasons why Chinese listed companies prefer stock financing through both "outer" and "inter" channel. At last, it discusses the impact on the corporate governance and the ability of profit-making and financing.Chapter 3 The main content of chapter 3 is to discuss the firm's inner financing decision through dividend policy. First it analyzes the relation of dividend policy and financing policy, pointing out the dividend policy can be also considered as an inner financing policy. Second it looks back and evaluates the development of dividend theory, believing that enterprise's dividend policy is related to enterprise's value and investing and financing policy. Third it explains the characteristics of Chinese listed companies dividend policy. Chinese listed companies' have a preference of making use of inner financing, which is caused mainly by unsystematic information, current institution and incomplete corporate governance. Eventually it analyzes current dividend policy's impact.Chapter 4 The main content of chapter 4 is to discuss the contract structure of stock financing. When we look financing structure as corporate governance, stock financing structure becomes the center of financing structure. First it analyzes the meaning of stock financing contract structure. Second it looks back and evaluates security designing theory. Then it researches the impact of stock financing contract structure on the efficiency of corporate power distribution system, pointing out that a diversified stock financing structure can rise efficiency of power distribution system and introducing the practices of the enterprises in developed countries. And then it talks over the status quo of Chinese listed companies, finding out that the structure b...
Keywords/Search Tags:Listed companies, Financial structure, Corporate governance, Financing preference, Inner financing, Stock contract structure, Management stock position, Debt structure
PDF Full Text Request
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