Study On Compare Of Corporate Stock Financing Behavior Between America And China

With the deepening of the reform of economic system, corporations, the mainplayer in a dynamic market environment, must operate all their production activitiesin compliance with market rules. Since the development of corporation is basicallydetermined by whether they have stable source of financing, fund-raising has becomea matter of primarily importance. The transaction of fund supply system, the maturingof capital market and the diversification of raising-fund channels, all have createdconditions for autonomous corporate financing and therefore has made the study ofcorporate financing sensible and meaning. In view of the by-past and the current situation in China, it is stated in thisdissertation that the most urgent research task is to study the contradictions andproblems of corporate financing in the process of economic transition, and to find outorigins of these problems as well as solutions to them. The dissertation tries to providetheoretical basis for the reform of corporate system by analyzing corporate financingbehaviors of Listed Corporations, and revealing reasons behind their rational andirrational behaviors. Corporate financing behaviors can only become standardizedwhen the reform of corporate and financial systems is deepened, the channels offund-raising widened, the financing environment improved, and effective incentiveand restraint mechanisms set up through hardening external restraint and innovatingcorporate ownership system. In some developed countries as America, the corporation financing is a normaltheory, and has developed into a suit of mature theory. As we know, that theories arebuilt on developed market economy, do not completely suit our country that justswitches planned economy to market economy. Apart from the introduction, the dissertation comprises three chapters. Firstly, thedissertation primarily presents the theme and background that made by former people,defines and clarifies the concepts used in the dissertation. Secondly, the dissertationdiscussed the characteristics of American corporate financing model. dealt with the iAbstracthistory and factors that infected the American corporate financing rules. In theAmerica, the relation between banks and enterprises are loose and the major restrainton the management is stock market. High liquidity of stock market and shareholders'interest in short-time lead to the short-time behaviors of enterprises. Thirdly, thedissertation empirically analyzed Chinese corporate financing model. Thetransformation of Chinese financing system and financing patterns progressesfollowing two main routes: changes from fiscal allocation under command economicsystem to bank crediting; and transformation from the sole bank financing to multiplefinancing patterns under the market economic system. And also discussed thecharacteristics of Chinese corporate financing status, and the factors that infectedChinese corporate financing rules. Finally, the dissertation noted that corporatebehavior must be standardized through innovating property right system andestablishing effective incentive-restraint mechanisms, optimizing the structure ofstock, developing and advancing bond-market.