Chinese Listed Companies Fund-raising To Change Behaviors

Based on a unique angle of stock financing system defects, the paper studies characteristics of our stock financing system related to the behaviour of changing the use of proceeds by Chinese listed companies (the following is"Changing Behaviour"for short), and analyzes the essential relations among parties. And then, this paper concludes the origin system of the Changing Behaviour, and tests the impact on corporate performance. From a new point of view, this study constructs an analytic frame and interpretation method for the research on the Changing Behaviour. The paper also studies the interaction among corporate behaviour, legal system and market development, and concludes the behaviour rules of listed companies under Chinese institutional background. This paper has 7 chapters.Chapter 1 studies the characteristics of the Changing Behaviour in institutional transforming. This chapter adopts several statistical indexes to show the panorama of the Changing Behaviour from 1994 to 2005, and studies the different phases of the Changing Behaviour based on the dynamic institutional background. In order to make comprehensive analysis on the Changing Behaviour, the author has investigated and verified all of the A share listed companies that have changed use of proceeds since the foundation of Chinese stock market. Firstly, this chapter analyzes the general situation. Secondly, this chapter makes detailed statistics and analyses on the 5 aspects of the Changing Behaviour. Those are changing times, frequency and extent, corporate industrial characteristics, the reported reasons, corporate area distributing and the different uses before and after the change. The paper discovers, from 1994 to 2005, the Changing Behaviour has spread to a large range in listed companies (including the amounts, industries and areas). However,...