The listed companies altered the financing capital's use is a particular phenomenon of the securities market of china. It will be harmful for credit foundation and influence the regulative function of the securities market. Therefore, strengthen the research on the alteration of the financing capital's use, understand different character of the alteration and find the causation of the alteration have important significances to improve the efficiency of the financing capital's use and the development of the securities market.This article selects the listed companies which came into the market in the year during 1998-2005 as samples. The research will aim to study the reasons for the alteration of the listed companies'financing capitals by using theoretic analysis and demonstration analysis. The results of the demonstration analysis shows that the higher proportion of share held by the controlled shareholder, the more inclined to the alteration of the listed companies'financing capitals; the more severer of inside controller, the more inclined to the alteration of the listed companies'financing capitals; while the financial status of the listed companies has no obvious relations to the alteration of the listed companies'financing capitals. The results of this article provide the demonstration references for strengthening supervise, improving the listed companies'governing structure, preventing the alteration of the listed companies'financing capitals efficiently. |