The Research On The Preference For Financing Of Chinese Listed Companies

Corporate financing is pretty important to the management decision‐making inmodern enterprises. No matter how different organization form of enterprise andoperation scale are, no matter how different economic benefits of enterprise anddevelopment prospect have are, it is mostly difficult to break away from the shortagepredicament of the fund and desire to crave for the fund for a long time. So, financingbecomes the cardinal task that enterprises think. As to listed company, the financingway is varied, such as keeping surplus, depreciation, bank borrowed money, issuingstock,company?s bond ,etc. The financing way takes the proportionate relationship offinancing total value separately form financing structure of enterprises, demonstrate thefinancing of enterprises is had a strong partiality,this partiality represents the choicedirection to the financing way of listed company of our country.This text regards financing behavior of the listed company as the research object.Take morden west capital theory as a basis, the financing of listed company of keyresearch has a partiality for the problem. Through the research, this text attempts toanswer three following questions: (1)Is financing had a partiality for what kind of thelisted company of our country have at present? (2)Why is there such financing to have apartiality for the listed company of our country? (3) Is it make the listed company of ourcountry realize the maximum of enterprise value to rectify a deviation to go on to havea partiality for the listed company financing?In order to answer these questions,an angle that this text has a partiality for listedcompany financing systematically. The full text has adopted the norm to analyse theresearch approach of combining with the positive research combines together,qualitative analysis and quantitative analysis and comparing and analysing etc. The fulltext is divided into five parts, the main content includes: Part one is the introduction;Part two mainly reviewed and commented to the western capital structural theorybriefly. The western capital structure contend traditional capital structural theory,modern capital structural theory and new capital structural theory; Part three As thread ,through compare Chinese and foreign national financing structure with ? financing have a partiality for ?, obtain the present stock financing of listed company of ourcountry to have a partiality for financing, analyze of our country listed company have apartiality for stock financing to capital service efficiency. Company administrationstructure and adverse effect that security market lead to the fact further; Part fouranalyzed the reason that caused a partiality for in financing of listed company of ourcountry. Two respect to cause of our country listed company have a partiality for theorycause of stock financing analyze from external cause with internal cause, choose listedcompany rationed shares to implement additional issue to use the real example ofstatistical method to analyze the influence factor had a partiality for in financing as thesample in 2004; Part five have put forward three respect for our country listed companyto take countermeasure about partiality for financing, such as standardize companyfinancing behavior, improve company administration structure , develop bond market.