Research On Capacity For Sustainable Financing Of Chinese Listed Firms

Based on the practical situation of China, the thesis points out the inappropriateness of the concept of the re-financing and gives the definition of sustainable financing through the research on the financing of listed firms. Sustainable financing is the financing with strong tactics, which serves for the long-term development and value maximization of listed firms. Capacity for sustainable financing is the one that listed firms raise capital rationally and use capital effectively, which will promote the enterprise with healthy growth in the long term. Capacity for sustainable financing is one of the important parts of the core competitive capacity of listed firms. As for the evaluation of sustainable financing capacity of listed firms, a system with five indexes is built up. Besides the environmental factor-fluctuation and circulation of the stock market, inner elements-operating situation, structure of financing, efficiency of capital usage and corporate governance are concerned. In accordance with the system, the author makes a comprehensive evaluation. It is the result that the capacity for sustainable financing of listed firms in China is on the weak side in general. The main reasons are the improper financing viewpoint, particularity and complication of share equity structure, immaturity of bond market, lack of financing tools, insufficiency of supervisory and management as well as ineffective performance of intermediary institutions. For solving the striking problems in the existing financing, the author puts forward counter-measures in respects of listed firms, management and intermediary institutions.