A Study On The Financing Structure Of Chinese Listed Company

Since the 1950s,the research on the corporate capital structure is one of the hot issues in the international financial theory field. Since F.Modigliani and M.H.Miller had proposed MM theory as foundation stone of modern capital structure in 1958, Western economists studied in a large amount different angles of capital problems from tax revenue , bankrupt cost, agency cost and information asymmetry ,etc. and had formed a more complete theory and demonstration method.The capital market of China set up relatively late. The study on company's financing structure is still at the starting stage. Many scholars have studied on the financing structure of the Chinese listed companies according to China's reality in theory and demonstration research. And they have proposed the general state of financing structure and improving suggestions for listed companies in China.Accompanied with healthy and steadily development of China's economics, the continuous perfection of China's capital market mechanism and the deepening financing system reform, China's companies will have more financing channels. At this time, it is especially important to study the financing behavior of China's companies.This thesis draws lessons from the research results of the domestic and international theory, combines the actual conditions of our country, and carries on research to the financing structure of the listed companies of our country.On the basis of defining the financing concepts, elaborating financing theory and introducing financing system background, this thesis uses statistics analytical methods to reach the conclusions that Chinese listed companies appear scale expanding, regional maldistribution and obvious characteristic in all kinds of fields at present.The thesis describes the current situation of financing structure of Chinese listed companies on the basis of a large number data, and draws the conclusions comparing with financing structure of listed companies of developed countries: the asset-liability ratio of Chinese listed companies is on the low side; in the financing structure, the proportion of endogenous financing is on the low side, the financing of external source occupies absolute proportion; in the financing structure of external source, it had a partiality for stock financing; In the financing structure of the debt, the rate of the short-term current liability is relatively high and the long-term debt is relatively...