Study On Financing Policy Of China Listed Companies

Since the Shanghai Securities Exchange established in 1990, the China Securities Market of the quick, notable development has been creating for the listed company a important financing path and place. The listed companies occupied the more and more important position in the development of the our country's national economy. The main business income of the listed company shares the GDP of our country specific weight, from not enough 10% in 1996, have been up to 21.85% at 2003 year-ends.The developing Securities Market has been a much important path and place for listed companies to finance in equity. According to the Statistical information, the accumulative total Capital amount of A shares financing by the Listed Companies in china Securities Market has exceeded 882.7 billion RMB, in which IPO by 503.3 billion, Rights Issued by 221.8 billion, Issued after listed by 105.9 billion. In one hand, the Securities market provides good conditions for the continue development of publicly owned companies. On the other hand, problems also came forth during financing, for instance, un-scientific financing policy, preferring financing in equity, unfitted scale and not well-timed, unfitted for its self-conditions, unsuitable financing patterns selected, low efficiency of capital using and so on. These problems invaded the interests of public investors directly. Simultaneously, they influenced the long-term favorable development of the securities market. As a result, analyzing these issues and discovering their potential causes and fateful consequence may leaded are much practically significant to normalize the financing of the Listed Companies in Securities market.Based on above-mentioned trains of thoughts, the thesis discusses in five chapters. Chapter 1 introduces basic concepts and main theories related to financing of domestic listed companies. Chapter 2 discusses in detail main financing patterns, relevant government policy, financing actuality, various problems exists and effects resulted during financing of domestic listed companies. Chapter 3 analyzes and compares cost of financing of various pattern of financing. Chapter 4 studies demonstratively financing policies, concludes commonness for reference to listed companies before making financing decision, learn from other's strong points to offset one's weakness, try to avoid same mistakes occurred before. Chapter 5 proposes several solutions and suggests for listed companies to set down financing policy, make financing decisions scientifically.As long as we can devise strategies within a command tent, can we determine the victory thousands of miles away. For this, it's deemed that they are the important competition abilities for enterprise managers in this new round of economic wave that understanding modern enterprise financing concept, knowing its modes well, grasping its skills, and master its principles. Since enterprise financing is a system engineering with strong practical quality, especially the financing behavior has artistic quality, so in specific practice it not only involves knowledge in many aspects, but also demands us to analyze specific problems specifically. For this reason, it is impossible to discuss all financing issues and work out scientific conclusions in the thesis. Only if can we draw inspiration from the research, and gradually enrich and develop it in practice from this context, the thesis attains its goal.