Study Of The Financing Structure Of Chinese Listed Companies

The research on the capital structure is one of the hot issues in the international financial theory fields,but also one of the most controversial issues in finance.As the continuous the perfection of China's capital market mechanism and the deepening of financing system reform,the Chinese listed companies will have more financing channels to select.The financing structure of listed company presents the multifactor phase.At this time,it is especially important to research the financing behavior and the foundations of decision of China's companies.Capital structure will 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 compares developed with developing countries in the capital structures and analyzes the character of Chinese listed company.Based on ample data,the proportion of equity financing is much more than that of credit financing in the capital structure of listed company.It indicates that listed company's choice of financing approach has an intensive predilection of equity financing,which is far from"pecking order"of financing approach in matured market.At the same time,the efficiency of equity finacing is not hight,so is debt finacing.The funds raised from equity finacing changes high frequency and lacks restrict,And the efficiency of debt finacing from bank is not hight because of"soft restriction".Despite the debenture has a preferable restrict,it grows lentitudily in China.The capital structure of Chinese listed companies is consanguineous to macro economy system.This chapter analyzes institutional background of capital structures of Chinese listed companies so as to provide realistic background for the choice of capital structures of Chinese listed companies and theoretical foundation.It is helpful to understand the underling institutional factors of determinants of capital structure.As an independent economic body,The listed company makes behavior decisons which...