Research On Financing Behave Of Listed Companies In China From The View Of Separated Equities System

Corporate financing is very important to the management decision-making in modern enterprises. The research on corporate financing has been made by the financial academe in western countries since 1950's and formed a mature system info about capital structure. Myers and Majluf proposed New Pecking Order Theory, which states that under asymmetric information conditions firms have no well-defined target debt-to-value ratio, and that firms in general prefer internal financing(first), then external debt financing(second), and external equity financing(third). However, China's listed companies behave in a manner that doesn't follow the pecking order theory. They prefer external equity financing (first), then external debt financing (second), and internal financing(third).This article profits from the domestic and foreign scholars' research results .It sets overall evaluation on the present situation of China's listed companies financing behavior using research technique which combine the real diagnosis analysis with the standard analysis. The financing behavior of China's listed companies is very difference from western developed country but is consistent with the majority developing nation. We conclude that the listed companies don't make rational financial decision from the view of maximizing the value of enterprise. Moreover, In order to seek the deep level reason of our country abnormal financing structure, the influence of equity structure on finance structure is discussed particularly. There are...