Study On The Financing Structure Of Listed Companies In China

Corporate financing is one of the major problems faced in the market-oriented course in China. Up till now, there have many questions these need to be studied on, for example, on earth how about it is situation of financing structure of listed companies, whether corporate financing is a partiality for the financing way while making policy, what is the relationship between financing structure and corporate governance and how to optimize the financing structure and corporate governance, etc. On the basis of drawing lessons from a large amount of achievements in research of international and domestic scholars, the ones these are innovated in this paper are adopted to analyse financing structure of the listed companies. The content includes the index of cash flow, robust estimate, and appraisal of comprehensive performance based on analytical method of the factor analyse, model that examine relationship among financing structure, corporate governance, comprehensive performance, and the corresponding policy and suggestion of optimization of financing structure.At first, this paper defines important concepts these include financing structure, corporate governance, etc. Then the course of development in the financing way of China's enterprises is synthetically analysed. Through analysing and explaining, the research thread of this paper and research logic frame is defined. Namely this key of paper is the interreaction between financing structure and corporate governance of the lised companies in China.In the relevant financing structure theory reviews, the conclusion is drawn. The financing structure is the foundation of corporate governance. No matter England- America's model that represents as keeping distant and Japan-Germany's model that represents as intervening, these emphasize that the financing structure is to the influence of corporate governance. This paper chooses sample data in 5 years. The innovated points are financing structure index, financing index of cash flow, and Huber's M-estimate. The basic situation accurately is that the listed companies finance in debt first and in outside financing way dominantly. Further, the listed companies are divided into the state-run holding companies and legal person holding companies according to the holding shareholders. Different owership structure effection on financing way and the relationship between the comprehensive performance and financing structure through the factor analysis is study. The research shows significantly positive relationship between proportion of state share and proportion of equity-finance, significantly negative relevance between proportion of state share and proportion of debt-finance, significantly negative relevance between proportion of comprehensive performance and proportion of state share in the listed state-run holding corporations; no significant relevance between the proportion of equity-finance and proportion of corporations share, significant negative relevance between the proportion of debt-finance and proportion of corporation share,significant positive relevance between comprehensive performance and proportion of corporation share in the listed legal person holding corporations; no significant relevance between the proportion 'A' share and equity-finance, significant positive relevance between proportion A share and debt-finance.At last, thourgh analysed the result of study, the crux of the financing structure of the listed companies is pointed out. The distortion of corporate governance effects on that the corporate governance effect of the financing structure unable to play its role. And the policy and suggestion of optimizing the structure of financing of the listed companies are given out.