Research On The Equity Finance Of China's Listing Companies

During the ten more years period, China's listing companies which based on the reform of state-owned enterprises have grown rapidly. They are not only the guideline of the reform of enterprises and the establishment of a modern enterprises system, but also they play a very important role in the economy's stability and continued increasing. At the same time, the behaviors of equity finance of China's listing companies are not conformed to the standard. Especially on condition of the current stock market and the listing companies' current share structure, almost all the companies have immeasurable motive to finance through the stock market. So there is a kind of phenomenon on the market that the listing companies have a strong preference for the equity finance. We call it equity finance partiality of China's listing companies. Under this phenomenon, there are many problems and contradictions, which affect the actual result of the equity finance, and also hamper the establishment of modern enterprises system. We must take measures to perfect the behaviors of China's listing companies in order that we can change the current situation. It requires us to enhance the research for the equity finance of China's listing companies from theories and practice. So we can put forward countermeasures to perfect equity finance of China's listing companies.First, from the theoretical aspect, this article analyses the theoretical basis of equity finance of China's listing companies; analyses the choose of finance approach of listing companies; illustrates the present situation of the equity finance of listing companies in developed countries. Based on these, by example-supplemented analyses, it elaborates the present situation and characteristics of equity finance of our listing companies, and then, deeply analyses the main problemsexists in equity finance and causes from three aspects: listing companies, capital market and law policy environment. Finally, aiming at this condition, the author advances concrete and systematic policy suggestions about how to regular equity finance of China's companies and how to improve its operating efficiency.