An Empirical Research On The Influence Of Chinese Listed Companies' Ownership Structured To Debt Financing

There are three financial decisions in the present-day enterprises. They are investment decision which is more important, financing decision and dividend decision. According to the MM theory, financial theory in traditional enterprises commences the research based on the impeccable market hypothesis and believes that investment decision and financing decision are absolutely independent. However, after 1970s, with the emergence of new theories such as information economy, the conclusion that investment decision and financing decision are interactional is came up with after bring the information asymmetry theory into the MM theory. Modern capital structure theory believes that debt financing will affect the enterprises'investment decision and financing decision. Meanwhile, modern enterprise theories indicate that effectively work of stockholders under the different stock right structure will affect the effectiveness of operation of board of directors and administration of the enterprises, then, affect the behaviors of investment decision, financing decision.This paper studies and discusses the debt financing affection from the stock right structure of Chinese listed enterprises by combining the Chinese real financing system background and using the micro analysis and macro analysis, standard analysis and solid evidence analysis based on concluding and absorbing the domestic and oversea related research achievement. This research indicate that Chinese unique stock right structure comes from the system factors, then, affect the capital structure decision of listed enterprises. By selecting the listed enterprises from Shanghai and Shenzhen stock market as sample, building the model and multiple regression empirical analysis, the conclusion can be made as follows: in Chinese listed enterprise, the managerial stockholding ratio is inversely proportional to the debt ratio, but not distinct; the ratio of non-tradable share of the state-owned listed enterprises is inversely proportional to the debt ratio; the ratio of non-tradable share of the non-state-owned holding listed enterprises in proportion to the debt ratio; the ratio of tradable share of the state-owned listed enterprises is proportional to the debt ratio; the ratio of tradable share of the non-state-owned holding listed enterprises in inversely proportion to the debt ratio; the concentricity of the stock of Chinese listed enterprises is inversely proportional to the debt ratio. Suggestions can be given as follows: optimize the stock structure of Chinese listed enterprises from multi-aspect. Establish the state-owned ownership and responsibilities system and improve the overall management level of listed enterprises while reducing the proportion of stock holding of national stock and increasing the proportion of stock holding of Institutional investors. Then, the purpose optimizing the debt financing proportion of financing structure can be reached.