Research On The Financing Of Chinese Securities Companies

China抯 securities companies have gone through more than ten-year development together with its securities market; nevertheless there still exist many problems that are hindering their further development. To some extent, the most critical problem among them is securities companies?financing, which has been the bottleneck in the further development of securities companies and the market. Therefore, to research on securities companies?financing and to probe into the legal financing sources are not only concerned in the normalization and development of the securities institutions in China, but also the securities market. The thesis starts from the analysis of the assets status of securities companies, and then focuses on the available financing sources and the cost of capital from the different sources. By the end of the paper, it systematically dwells on the financing strategies of China抯 securities companies in terms of the total, the cost and the sources, etc. Accordingly, the thesis comes to the conclusion that the optimum financing plan (or capital structure) for China抯 securities companies, theoretically, should attain the minimum weighted average cost of capital, and the equilibrium of the financial leverage yield and the financial risk at the same time. In practical operation, they should lay the financing plan according to their developing stage, the risk structure and the term structure, etc.