| Corporation financing structure(corporation capital structure)refers that given the investing opportunity, the corporation will choose optimal financing structure according to its own target function and the restriction from balance of cost and benefit ,so as to promote the market value of corporation.The article adopts the theoretical study, comparative analysis , positive analysis and normative analysis together, on the base of such theories as MM theory, trade off theory, pecking theory and information symmetry theory , with main clues of efficiency characteristic of economic resource allocation, to undertake the systemic research on the financing structure problems of the listed companies in Xinjiang , which divided into four chapters: the first chapter mainly states the basic principle of corporation financing structure; the second chapter analyses the present condition of financing structure for the listed companies in Xinjiang; the third chapter analyses the economic effect caused by financing structure for the listed companies in Xinjiang; the forth chapter brings out a series of rationalization proposals to improve the financing structure for the listed companies in Xinjiang.The research has got lots of useful achievements. The main results and originalities of the article as fellows:First, the financing structure for most developed countries is proved to be optimal by modern financing theories.Second ,internal (endogenous) financing was the main component in the financing structure for most developed countries, and other financing channel was just for complement. However, exogenous financing is the main component in the financing structure for China, and Internal (endogenous) financing was just for complement.Third, financing order for the listed companies in most developed countries as fellows: Internal (endogenous) financing first, secondly debt financing, and lastly stock financing; However, Financing order for the listed companies in our country as fellows: stock financing first, secondly debt financing, and lastly internal (endogenous) financing.Fourth, debt financing prefers to stock financing in the exogenous... |
