Study The Effect Of External Financing On China's Electronic Manufacturing Growth Of Listed Companies

The article selects 41(excluding ST)electronic manufacturing listed companies. Which were listed before January 1.2006 in Shang Hai and Shen Zhen.Through theoretical and empirical research proved that the effect of external financing on China's electronic manufacturing growth of listed companies.Firstly, define the external finance and the growth,then followed by analyzing the finance status. It finds that the main source of enterprise financing is external financing between2007-2009.while external financing preference for equity financing.Based on previous researches, the article mainly attempts to select financial indicators to appraisal the growth of domestic electronic manufacturing listed companies by combing their features and public financial data.According to the principal component analysis, evaluating growth can be attained from the aspects of the market expand capacity, asset management, profitability, growth potential, firm size,capital structure, technological innovation. This is more reasonable than simple financial indicators on behalf of growth.Next,This paper woke up a regression model of external financing impact of growth of China's electronic manufacturing industry listed companies. The results show that the equity financing has obvious adverse effects on the growth of China's electronic industry listed companies, while debt financing plays no real obviously promote role on electronic manufacturing companies growth as a relatively small number at present.For the indicators of Ownership concentration,nationalization and initial growth effect on domestic electronic manufacturing listed companies.The empirical results show that ownership concentration and the initial growth will help to the growth of listed companies; While the nationalization indicator adversely affected on the growth.At last, based on theoretical and empirical research, this paper listed financing optimization countermeasures on purpose of growth.(1)To improve the profitability (2)accelerate the bond development, take a variety of financing;(3)Improve the ownership structure and corporate gorvernance; (4)The government should take appropriate measures to control the speed and scale of the stock issuance.