Theoretic And Empirical Research On Financing Modes Selection Of Chinese Listed Companies

In general, the enterprise's optional financing modes are few for a long time, which depend either on the enterprise's internal financing, or on the loan form of the national commercial banks. However, with the establishment of stock market, the listed companies put up the preference of the stock right financing obviously. Therefore, the research aim in the article is how to make the listed companies choose reasonable financing modes and form the reasonable financing structure, then actualize the market value achieving the maximization.The article is divided into six parts, in the first part, I analyze domestic and overseas scholars' research production on the financing action of listed companies and the innovation of this article. In the following three parts, the financing theories of listed companies are analyzed, and combining to the current financing situation, the author summarizes the factors that listed companies should consider while choosing financing modes and analyzes the factors, then discovers that besides the exterior environment, the selection of financing modes in listed companies is affected by the financing cost, company achievement, stock right structure, and agency cost etc; in the fifth part, the author uses the empirical research method to analyze the factors which affect the selection of financing modes in listed companies and the conclusion indicates: ㏕he average capital cost is19.4392% by using the ration stock financing mode and is 19.5797% by using the issuing new stock financing mode, the costs of the two financing modes have no obvious difference but are far higher than the debt financing cost; ㏕hrough the empirical analysis between the stock right financing mode and the company achievement, the stock right structure, the author finds out that company achievement descends to some degree no matter selecting the ration stock financing mode or the issuing new stock financing mode, but the ratio of current stock in stock right structure ascends; (3)The article adopts relative index which can reflect the agency cost to scale the change of agency cost before and after financing, and finds out that the agency cost ascends relatively by using stock right-2-financing. From the result of the curve regress in manufacturing and electronic information industry, we know that when the asset-liability ratio reaches certain proportion, the agency cost descends with the raise of stock right financing's ratio. In the last part, according to the macroscopic factors influencing the selection of financing modes, the author probes into some momentous problems to be solved, such as perfects the structure of capital market, understands the government's function and part rightly, makes the financing action standardization, and puts forward some corresponding countermeasure.