The Analysis About Chinese Listed Corporate' Behavior Of Preferring Stock-right Financing

As development of Chinese stock market. Chinese listed corporate obviously prefer to chose stock-right financing, especially after the nighties' later. Chinese listed corporate behaxior of preferring stock-right financing not only violates corporate' financing theory and practices, but also reduce the efficiency of capital utilization and make a lot of corporate finance in stock market.This preferring stock-right financing behavior is a special phenomenon in special stage and environment. This thesis in detail analyses the reasons and harmfulness of this phenomenon closely in view of this phenomenon by relevant finance theory, amount of data and cases. This thesis also includes suggestions to firm's micro-management and government's macro-policies.This thesis consists of preface and four parts expositions.The first part describes the behavior of preferring stock-right financing from many aspects. The second part analyses the direct reasons of this behaxnor applying the models of Unite Capital Cost and Information Asymmetric. On the basis of direct reasons, we also point out some reasons about macro-environment and policies. The third pan mainly clarifies this behavior's hamifulness to firms by lots of data and cases. The forth part mainly describes suggestions of correcting this behavior in view ofcorporate" micro-management in the form of analysis cases. Later. we briefly point out some measures about macro-policies in order to make this thesis more comprehensive.