The Constitutional Analysis Of Financial Structure In China's Listed Companies

First, this thesis retrospects the evolution of financial system that enterprises in China have experienced before, and comprehensively compares and analyzes the actuality and effect of financial structure in listed companies . The thesis supports that financial structure of listed companies in China is characterized by low rate of obligation, low endogenous financing and high exogenous financing, high stocks financing, and displays intense preference to stocks financing.Next, this article analyzes the formation and change mechanism of financial structure in China' s listed companies. After investigating the financial structure of enterprises in western nation, the author maintains that it should bring institutional factors into the framework analyzing the financial structure.Meanwhile, thesis puts forward the hypothesis that institutional factors determine formation of financial structure, and thinks that in Chinese economic transition, institutional factors comprehensively determine the formation of financial structure in listed companies through dual-stage conductive mechanism. Among these analysis, the thesis puts forward a model concerning passive institutional change, and thinks that the financial institutional change in China is a change model which is relied mainly on passive institutional change. The research results of change mechanism of financial structure in listed companies are shown as follows: the relationship between financial structure and financial institution is mutual influencing, the change of financial institution determines the evolution of financial structure, and unequilibrium in financial structure will promote the change of financial structure through national utility function while it is accumulated to some degreeThen, this thesis specifically analyzes the institutional factors influencing the formation of financial structure in listed companies, and considers that it is following factors such as imperfect corporate governance institution, limitation in enterprise property right, Iagging-behind in the development of corporate bond market, imperfect information discoursing system and government control, market control etc.that lead to the formation of unreasonable financial structure . Among these factors, corporate governance institution and enterprise property right play a decisive role in forming financial structure .At last , this thesis proposes that financial structure in China' s listed companiesshould be optimized by improving and innovating institution. Specific measurers go like this: improving corporate governance institution, developing corporate bond market, innovating security market institution, commercializing the bank and standardizing government behavior.Significance of this thesis, theoretically and practically, is that the article brings institutional factors into the analysis for financial structure, and constitute a framework analyzing the formation and changing mechanism of financial structure. According to this framework, the author systematically analyzes the institutional factors which influence the formation and changing mechanism of financial structure in listed companies, which provide methods for reference for later research in this fields. Meanwhile, the author puts forward related countermeasures and suggestions which are feasible and with practical meaning.