The Research On The Financing Structure Of Chinese Listed Transportation Companies

The paper selects fifty listed transportation companies, and studies their present situation and characteristics of financing structure. By comparing the financing structure of my country with that of America and Japan, studying the financing structure of listed transportation companies, the author obtain that the listed transportation companies exist some characteristics by the empirical analysis, such as strong preference to equity financing, debt structure is irrational, and current liabilities are on the high side at large, and lower DAR.The author analyzes these characteristics from four aspects: financing cost, agency cost, the development of capital market and the special equity structure, and the main conclusions are presented as follows: firstly, that equity financing unit cost is lower than that of corporation bond or bank loan causes directly the preference to equity financing of listed companies or the lower DRA; secondly, according to Jensen & Meckling agent cost theory, equity financing of listed companies ought to have precedence over bond financing when enlarging the exterior financing with the expand of assets scale; thirdly, the non-equilibrium development of capital market causes the impeitinency of corporation financing structure; fourthly, more state-equities but unclear investment main body cause the dissimilation of decision-making goal of listed companies' financing structure, it shows managerial welfare maximization; fifthly, the absolute control shares of state shareholder and few managers' equities result in equity financing preference of listed companies.Finally, the author proposes some suggests on policy for the optimization of listed companies' financing structure. Such as to optimize the equity structure of listed companies, to develop and perfect the corporation bond market.