Study Of The Financing Structure Of Chinese Listed Companies

Since the 1950s,the research on the corporate capital structure is one of the hot issues in the international financial theory fields. As healthy and steadily development of China's economics, the continuous the perfection of China's capital market mechanism and the deepening of financing system reform, the china's companies will have more financing channels to select. At this time, it is especially important to research the financing behavior and the foundations of decision of China's companies. The problem of capital structure is not only a ratio of the corporate finance, its decision will also influence the distribution of corporate surplus returns, the corporate surplus control power and the corporate managing structure, and finally the value of the company. Through the review of theories about capital structures of foreign countries, the paper put the China's listed companies as researching target, comparing developed with developing countries in the capital structures and decisive factors. According to the financial and marketing transaction data of China's listed companies, the paper set up the simple linear and curve regression models, the multivariate models and the variable intercept and fixed-effects models of mixed data by using analyzing means as method of comparative analysis, descriptive statistics analysis, one-way ANOVA, nonparametric test and correlation analysis, applying OLS, stepwise method and GLS. By the models, the author analyzes the characteristics of the capital structure, the relationship between the capital structure and its results and the decisive factors of the capital structure completely and thoroughly. On this basis, The author considers that the object of optimizing the capital structure of listed companies should be achieving the optimum of the value of company. In order to achieve it, the Chinese listed companies must perfect the internal managing structure further, come into being the mechanism of available employing, motivating and supervising managers; the governments must strengthen the "tough restricted" debt financing mechanism and perfect the mechanism of the company sponsoring bank and exerting the companies' governing effects of debt financing by reforming the operating mechanism of national commercial banks, perfecting relative regulations and laws and developing corporate debenture market in a more effective manner; perfecting the corporate outside governing mechanism by cultivating and developing Chinese managers' market, control-power market and organizational investors; keeping the stable healthy development of stock market and protecting the benefit of investors further; perfecting the environment of information disclosing and operating mechanism to reduce the agency cost caused by information asymmetry. The researching achievements have great reference value to the optimizing capital structures and managing structures of the China's listed companies.