Study Of Financing Ways Of Chinese Listed Corporations-being Based On The Equity Structure

Financing is an important component in the financial management of corporation, different financing ways form different financing structure, and this has an important influence for the development of corporation. Especially with the fast development of the capital market of China, the listed corporations increase year by year, and are occupying more and more important position in national economy. Their financing ways not only influence the long-term development of corporation, but also influence the sound development of the capital market. Chinese capital market is a new developing market and the modern corporation system has not been really set up, which makes financing behavior and ways of the listed corporations have their own characteristics. So studying the financing behavior of the listed corporations, discovering problems from them, finding out their sources, standardizing financing behavior of listed corporations, promoting long-term development and sound development of capital market have important extremely realistic meaning. Just based on above considerations, this paper regards the financing behavior and financing preference of the listed company as the theme of studying.According to financing structure theories, reasonable debt can reach the best financing structure, and realize firm's greatest market value. External equity financing should not be the financing way that enterprises pay the utmost attention to. The financing practices of the listed companies of western countries have verified it. While Chinese listed corporations demonstrate the strong preference to equity financing. Shown in the following several aspects mainly:(1) Financing structure. Chinese listed corporations select external equity financing first, as a result, they have lower asset-liability ratio. (2) Financing behavior. The listed corporations, for not be hesitated to adopt the surplus to manage by the qualification of rationing shares, and do not give up initiatively financing qualification, for obtain more rights and interests fund, take the financing way of issuing additional new stock.Based on the research results about influencing factors of the capital structure at home and abroad, combining the actual condition of China, the paper analyzes the reason of equity financing preference from equity structure aspect.Study result shows that the first big shareholder holds the more share actually, the more the corporation may take the equity financing way. This proves that the unreasonable equity structure is an important factor causing the listed corporation's equity financing preference.