Research On Listed Companies Financing Efficiency And Factors From Micro View

Financing as a prerequisite for the normal operation of the enterprise, is not only the capital, more importantly, have a significant effect of the internal mechanism of the company, financing efficiency. Various financing methods and its financing efficiency is not the same. Formed according to the relationship between ownership and financing, a listed company with equity financing and debt financing is the main mode of financing.Firstly, corporate governance is a subject and the object boundary and scope, and the function, structure and form factors constitute the system. Financed primarily through conduction mechanism of corporate governance, reflect its microeconomic efficiency. Equity financing and debt financing arrangements represent different ownership, both in different ways and platform management efficiency. Debt financing and equity financing and will have varying degrees of agency costs, to increase financing efficiency. Financing structure and corporate governance should be the goal to minimize agency costs.Secondly, due to the special nature of claims and liabilities, debt financing will have financial leverage effect, This is an important component of the debt financing efficiency. but their effects must be carefully weighed the realization of leverage with financial difficulties; Because the agency relationship of asymmetrical information, the signal effect of debt financing has performance space. This is an important manifestation of debt financing efficiency.Finally, many reasons, such as lack of property rights, the effectiveness of China's listed companies is not satisfactory financing. Widening financing channels, the strengthening of corporate governance is a key factor to improve the efficiency of corporate finance. Currently, Mark era is approaching, a new opportunity to bring new challenges. It is urgent time to doing corresponding work well after reform.