The Analysis Of The Financing Structure Of Civil-owned Listed Companies

The theory of corporate capital structure has been in focus by economic circlessince MM theorem was born. The selection of corporate capital structure willinfluence utilizing efficiency of corporate capital, asset values, governance structurewhereby influence corporate achievements finally;but according to the mainstreamtheory of modern capital structure, optimum finance sequence is inside financing,debt financing and equity financing.The way to financing of listed companies in China has been in focus by thepublic in recent years. In China, listed companies generally prefer equity financing. Atlast, they have no alternative but to choose debt financing. It is obvious that thereexist conflicts between finance sequence of listed companies and theories of westerncapital structure.In recent years, civil-owned listed companies have developed rapidly and alreadybecame an important part of national economy. In the capital market of China, theresearch of civil-owned listed companies' financing structure is not only of theoreticalsignificance but also of practical significance. On one hand, its theoretical values arein providing theoretical foundations to support to decrease state-owned equity;on theother hand, its practical significance is in stipulating financing behavior ofcivil-owned lusted companies, promoting efficiency of corporate governance structure,pushing civil enterprises to advance and optimizing deploying efficiency of socialeconomic resources.The author used the theory and practice method in this article. Firstly, the authorintroduced the western financing structure theory, and the domestic correlationresearch results and summarized the development of civil-owned listed companies toour country. Secondly, compared the western developed country with the developingnation company's financing practice, found financed some reasonable choice for us tostudy. Finally, we use the least square method to positively analyze civil-owned listedcompanies' capital structure and put forward advices and countermeasures to capitalstructural optimization of listed companies.Through the research, we discovered civil-owned listed companies prefer tofinancing outside primarily;In financing outside, debt financing is the main financingorigin;Debt financing assumes the trend of escalation, but equity financing assumesthe drop tendency;Civil-owned listed companies have the certain limit equityfinancing. Civil-owned listed companies equity structure and exterior equity rightssystem, as well as the investment psychology, supervising and managing and the legalsystem are privately influence factors of financing structure situation. We shouldadjust civil-owned listed companies' equity structure and relax equity financing limit.Civil-owned listed companies will have good financing behavior and continues thehealthy developing.