Empirical Recearch On Over Equity Financing Of Listed Companies In China

As one of important contents of management decision-making in the modern enterprise, the size and ability of equity financing has been developed rapidly in our country. However, there have extremely been an unharmonious phenomena between rising of financing quantity and running of corporation. For example, the listed companies drawn up a project of financing before raising money ,then they changed capital investment's direction, laid aside financing capital, and even transferred the financing capital into stock-holder after getting the capital, which has aggravated increasingly negative effect to normal stock-market's working. The findings and recommendations for the equity financing of listed companies are helpful to the companies in them developing reasonable policies and inspecting synthetically financial situation for some rational investment significance.Compared to the previous studies universally judged over equity financing problem by debt-to-asset ratio and level of holding capital, based on sensible understanding and experience analysis in the great extent, this thesis focuses on finding forming causes of over equity financing by analyzing situation and character of equity financing in China, and put forward some personal suggesting of improving current financing institutions. First, the thesis construe descriptively equity financing of total and single listed companies with four angle separately, namely, finance level, overfull capital, financing source, and running achievement, and prove a fact that equity financing behaviors of our listed companies were of over equity financing; Second, analyze qualitative reasons of giving rise to over equity financing; Third, in specific research process, establish the multi-factors linearity regression model, use 2003-2005 datum related to our listed companies, analyze empirically the influencing factors of China's listed companies on equity financing policy in virtue of SPSS 11.0 statistical software, and found the hold-stocks proportion of the biggest-shareholder, P/E ratio, P/S ratio, ROE, Gross-profit margin, and debt-to-asset ratio are affecting the equity financing of our listed companies; Last, through the status of the equity financing policy and the empirical analysis, the thesis comes up with the recommendations accordingly.