Empirical Research On Relationship Of Chinese Listed Companies' Capital Structure And Financing Behavior

The distortion of the relationship between capital structure and financing behavior has been thought as one of the key causes to result in low efficiency of operating performance, low enterprise value and less competitive of Chinese listed companies in theory researching as well as in practical operation. Hence research on the relationship between capital structure and financing behavior has attracted numerous researchers' interest and become important task with broad concerns. First this paper analyzes the existing researches and relative basic theories of capital structure and finacing behavior, and then, on the basis of contrasting the condition of listed companies of our country with that of developed western countries and a part of developing countries, the paper makes analysis of current situation of the capital structure and financing behavior that the listed company of our country presents. Then, on the basis of putting into practice to try to draw in current available theory, the correlativity between capital structure and financing behavior of our country listed companies has been carries out empirical analysis to point out the inner links of these two events under present available economic system. This paper mainly bases on the data of part of listed companies of our country on December 31, 2006, and uses the representative index respectively in proper order with capital structure measurement index and finaning behavior index to make regression analysis of explained variable and explanatory variable. The main results are as follows: First, between capital structure and financing behavior, certain negative correlativity relationship exists. Second, the stock right structure in our country listed company is peculiar, the director selecting mechanism is still not improving and perfecting, and "the inside people controls" phenomenon is extremely serious. Third, debt restrains a "softening" in our country capital market capital, the development of convertible bonds marketplace lags behind as well as relative laws and system being related to the disproportion of securities market.According to the above results, there are some suggestions: Arrange rationalities proportion for state-held share proportion and institutional shares rationally; Resolve vacancy problem of the state-owned stock right owner; Accelerate the bank institutional reform, boost financial market further developing and perfecting; Develop bond market actively; Perfect corporate governance structure as well as reinforce the constraint and control of the operator; Regularize capital market, and build fine legal institutions.