Study On Funding Preference Of Chinese Listed Companies

Funding sources decide enterprises' capital structure,while capital structures decide enterprises' governance structure. The thesis is to study on the funding preference of the listed companies in China,then to probe into the problems caused during the corporate governance as well as the measures to improve the capital structure.After reviewing the modern capital structure theories and comparing with the foreign capital structures,it is proved that the funding preference on stock market does exist in Chinese listed companies and the funding effect is off the course. The reasons are deviated from three points of view,which is Financial Management,Corporate Governance,and Institution Economics. Then the statistic method of major components is used to prove that in China,the major reason of funding preference is the social structure. So,in order to improve the capital structure of Chinese listed companies,Chinese government not only needs to support the overall development of securities market and train the wise participants,but also needs to change the status of Chinese stock market in the view of social structure,thus to make the stock market really become a place of improving the resource allocation.CHEN Li (Finance) Directed by WAN Jieqiu...