The Study On Financing-preference Of China Listed Companies

Equity financing of China listed companies, especially equity refinancing, has been criticized to be a bad intention of enclosure of money. Most of scholars think either that financing of China listed companies is not up to the West's finance theory of pecking order, but has Chinese characteristics. China listed companies like more the finance way from outside, and have intense preference of equity financing. The author considers that the order of financing ways of China listed companies is that inside-financing, including of retained profit, depreciation and stock–donating, is first. Equity financing and equity mixed financing are following. Credit finance is final.It is impossible for the law and system to have all thing right, but market ethics may solve many social problems which the law and system can have no idea. The main men in finance market would be good for security markets and have it more healthy, if they are not only economic men who pursuit efficiency, but also ethical men who pursuit fair. In the thesis the author have been trying to research preference of finance of China listed companies, regulate financial actions of China listed companies and promote the healthy development of china security through the power of financial ethics.