Study On Using Chinese Listed Companies' Capital Collected From Market

The listed companies are base of the market. And taking advantage of the capital is the most direct and effective way to keep and increase the company's value.Firstly the paper shows us something about the collecting and using of capital of listed companies. We can find out that capital collected from stock market is increasing year by year, while capital collected from credit market is decreasing year by year. It's just opposite to the case of oversea, not a fit capital structure. Besides, the investment fields of collected capital of listed companies have changed frequently. It incurs the poor performance of listed companies. Secondly, we start from stock-right composition and use both theoretical analysis and statistic analysis in order to show that the key reason of amusing collected capital is our special stock-right composition. The main opinions of this paper are as following :(1)Owing to the absence of real owner, state-owned shares are prone to being controlled by insiders and so share-holders'interests are embezzled by insiders.(2) Faren stocks are non-negotiable stock, they pay more attention to listed companies'performance for long, but they can't control manager because of their low stock proportion. (3)Negotiable stock's holders have no capacity and motive to control manager, so they have no influence on capital using. (4) The extremely concentrated share-right composition leads to an absolute control by major shareholders, which leads to the amusing of capital. Finally the thesis puts forth some specific proposals .first, optimize the share-right composition, secondly, control and motive the manager, third control from outside.