Correlative Research On The Fianacing, Stucture And Performance Of Chinese Listed Companies

On the base of the previous research results on capital structure theory , stand on the special system background of listed companies in our country, the article give a systematic research on the formal cause and its influence of financing behavior and capital structure of listed companies in our country mainly from the point that the impact of ownership structure on capital structure.The article first reviewed the capital structure theory in western country, this give a sufficiently academic preparation for analyze the capital structure of listed companies in our country. Then comparatively analyzed the two main kind of financing pattern around the world, in consideration that the economy in our country is being grow rapidly at present time, and the listed companies are faced with a lot of marketing opportunity, simultaneously the domestic capital market is not enough developed, so the fund resources of listed companies should primarily dependent on outside resources, the outside financing resources is suitable adopts the financing policy that"The indirectly financing is primarily, and directly financing is auxiliary " .Then the article statistically analyzed the existing circumstances of financing behavior and capital structure in Chinese listed companies, the conclusion showed that the most prominent problem of listed companies in capital structure is still the equity financing preference. In view of equity financing, the article considered that the non-balanced development of domestic capital market is the immediate cause of equity financing preference, and the peculiar ownership structure of listed companies in our country and the"internal person control"problems which arise from it are the fundamental causes of equity financing preference. Therefore, the article empirically studied the relationship between ownership structure and capital structure from the point of ownership concentration and the character of shareholders etc., the empirical result showed that the ownership structure of Chinese listed companies have significant impact on the capital structure, therefore the article believed that only realized the double optimization of ownership structure and capital structure can finally solve the capital structure problem of listed companies in our country. Take the enterprise value maximization as the optimized goal, the article emphatically studied the relationship between capital structure and company performance in chapter 6 from the generalized capital structure angle: First analyzed the financial lever effect and the governance effect of capital structure, then taken the listed companies in our countryas the research objects, empirically studied the influence of these two kind of effects on the performance of listed companies. The research discovered that the financial lever correlate negatively with company performance, the article believed that the equity financing preference is the main reason causes this phenomenon, which further proved that the equity financing preference of listed companies is not rational.The final research conclusion in this article believed that the fundamental reason which lead to the capital structure unreasonable as well as the company performance worse is the unreasonable ownership structure of the listed companies, that is the unreasonable ownership structure caused the"internal person control"problem,the"internal person control"lead to equity financing preference, the equity financing preference by chance is the important reason of the unreasonable capital structure, the unreasonable ownership structure as well as capital structure result in the unbalanced governance structure together, and the unbalanced governance structure further aggravates the internal person control problem, so the vicious circle, finally had significant adverse effect to the company performance. The article finally proposed a series of suggestions for the listed companies to optimize capital structure and enhance company performancein order to provide a certain reference for the optimization of the capital structure in listed companies as well as the order innovation of the government.