Empirical Analysis Of The Order Of Financing For Listed Companies In China

The financing order of the western mature capital market usually comes internalfinancing and debit financing and then equity financing. Listed companies in China likeduse equity financing in the past years. The order is equity financing first, then debitfinancing and internal financing. But there are a lot of changes in capital market andpolicy recently,whether listed companies change their financing order or not.This paper use new data of 683's listed companies which suitable for our requirefrom 2000 to 2004 years in shanghai stock market and select eighteen influential issuesto treat the financing order by positive analyses method. The paper can use fact to see ifthe financing order have changed or have the rationalization tend.