Font Size: a A A

The Research On The Freewill Alteration Of Financing Capital' Use From The Listed Companies

Posted on:2006-06-09Degree:MasterType:Thesis
Country:ChinaCandidate:X S YangFull Text:PDF
GTID:2179360155472325Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
The listed companies altered the financing capital's use is a particular phenomenon of the securities market of china. It will be harmful for credit foundation and influence the regulative function of the securities market. Therefore, strengthen the research on the alteration of the financing capital's use, understand different character of the alteration and find the causation of the alteration have important significances to improve the efficiency of the financing capital's use and the development of the securities market. The research will aim at goodwill alter and hostility alter and be study respectively. The research include the following two main parts: In the demonstration analysis,we select 100 "A"listed companies which altered financing capital's use from Shanghai Stock Exchange as samples and make a partial correlations on the percent of alteration of financing capital's use and the share-hold percent of the first big shareholder under the control of the share-hold percent of the first five big shareholder,then we draw the conclusion that there is a correlation between the percent of alteration of financing capital's use and the share-hold percent of first big shareholder. In the theoretic analysis,we found a game model to research the alteration of financing capital's use and draw the conclusion that the manager of listed companies will altered the financing capital's use voluntarily by the aim of return and company worthiness. Finally,based on the analysis above,we will give same advices for the supervise on the alteration of financing capital's use. The main innovations of the dissertation include: We study the alteration of the financing capital's use from two aspect, share structure and the behavior of the listed companies'manager. The research aim at goodwill alter and hostility alter and be study respectively. The result of demonstration analysis show that the causation of hostility alteration is that the first big shareholder pursue self-interest. The result of theoretic analysis show that the causation of goodwill alteration is that the manager of listed companies pursue more return and company worthiness. We draw the conclusion that the listed companies have a will to alter the financing capital's use and we give same advices for the supervise on the alteration of financing capital's use.
Keywords/Search Tags:Financing capital, Freewill alteration, Partial correlations, Game theory
PDF Full Text Request
Related items