The most famous MM theory and the modern capital structure theory have already been demonstrated theoretically and empirically by scholars of west countries, who generally identified with such financing law that, firms usually raise their financing in pecking order: internal equity financing, debt financing, and then external equity financing, because the cost of internal equity financing is the lowest and the cost of external equity financing is the highest. However, we do empirical study to the capital structure of listed companies by vast amount of statistics datum. The empirical result shows the exist of equity financing preference of listed companies, which is far from the "Pecking Order Theory" of financing in mature capital market.Many domestic scholars have presented different explanations for it and they generally ascribed such a phenomenon to the lower cost of equity financing. However, the author thinks capital cost cannot well explain such a phenomenon. Therefore, this dissertation has carried on omni-directional and multiple perspectives analysis. It suggests that the non-circulating stock shareholder's private interest, manager's opportunism tendency and the lower risk of financing are the internal motivation. And the abnormal equity structure and the serious insider control are its system factors. In addition, the information malfunction, the stock market supplies as well as the slow development of bond market play an important role in the listed companies' equity financing activities.Finally, based on the above analysis, this dissertation puts forward some countermeasures. Firstly, we need to optimize the equity structure of listed companies. Secondly, we must improve the governance structure of listed companies in order to prevent insiders from controlling the companies. Thirdly, the listed companies must develop the bond market positively to expand the financing channels. Finally, the listed companies must strengthen the information disclosure management, perfect all kinds of laws and regulations and construct the effective signal transmission mechanism. |