Research On The Financing Structure Problems Of The Listed Companies In Our Country

The research on enterprise's financing structure in the western countries have a history of more than 50 years, and has got lots of useful results, especially with the development of the theories, such as theory of information economics, system economics, property rights, etc., the research has gained more rapidly progress, and the results of more and more practical value. Fellow the request for economic development and the problems existed during the evolution of the security market, no matter to standardize the development of the capital market, improve the capital's efficiency of the listed companies and the listed companies business performance, promote the stockholder's equity payback, realize the optimally allocation of the social resources and the lasting growth of the national economy, or to improve the theoretical research on the financing structure of Chinese enterprise, all requires to take systematic research to the related problems of the financing structure of listed companies in our country, This article was just the production under the background of this kind of request.The article adopts the theoretical study, practical observation and empirical research together, by the means of statistical analysis, comparative analysis, structure analysis etc., to undertake the research on the financing structure problems of the listed companies in our country on the base of efficiency characteristic of economic resource allocation.The research divided into six chapters, and has got lots of useful achievements. The main results and originalities of the article as fellows:First, the statement of "market orient model" and "bank orient model" financing structure in developed country suspected to be of "misleading" with the process of development. No matter the "market orient model" or the "bank orient model", the companies tend to depend on the internal accumulation more and more in the developed countries. Internal (endogenous) financing was the main component in the financing structure for most developed countries, and other financing channel was just for complement.Second, it's the request of the rule of allocation efficiency of social resource that impels the developed countries' companies to rely on internalfinancing and bond financing mainly. The financing structure rely on stock financing mainly in the developing countries and regions in 1980s' tends to accumulate enormous financial risks for the whole capital market for a long run, and will be harmful for the allocation efficiency of the social resource.Third, the financing structure rely on internal financing mainly in the developed countries was correlated with the strong earning capacity and the high degree internal equity accumulate of the companies. The financing structure rely on stock financing mainly in the developing countries and regions in 1980s correlated with the lower cost of this financing channel.Fourth, the financing structure of listed companies in our country holds the characteristic to depend unduly on the stock financing, but ignores internal financing.Fifth, the cost of the stock financing in China is far lower than the bond financing, so the financing structure to rely on stock financing mainly is the result of opportunism selection of the listed companies. It's necessary to raise the cost of the stock financing to balance the cost of all kinds of financing channel so as to optimize the financing structure of the listed companies in our country.Sixth, the relationship between financing structure and the change direction of performance has been empirical proved to be accord with the financing order theory of western countries. The rational financing structure of the Chinese listed companies should be in the order of internal financing -debt financing -stock right financing, but the current situation is opposite. This situation has made the general achievement of the listed companies drop constantly, and has made the resource allocation function of the capital market fails to play effectively. From the...