Theoretical And Empirical Research On The Financing Behavior Of Chinese Listed Companies

This paper manily takes the capital structure theory as the basis, and takes listed companies in our country as the object, begining with the theory of angency and the theory of ownership and control, attempt to study on financing behaviors of Chinese listed company, thus provides the corresponding policy suggestion on financing decision-making for enterprises.The paper first reviewed the capital structure theory and the financing structure theory, this gives a sufficiently academic preparation for analyzing the capital structure and financing structure of Chinese listed companies. Then comparatively analyzed the ownership structure and financing behaviors of listed companies between China and the West, in consideration that Chinese listed companies have different financing behavior from the western companies. Then furtherly analyzed from the theory angle, indicated that the causes of financing behavior of Chinese listed companies are many-fold, including our specific institution environment, financing environment, the enterprise's owen. In order to testify my study, the paper employ further the multi-returning model to proof-study and shows the results: the ownership concentration,the character of shareholders and incentive mechanism of Chinese listed companies have significant impact on the financing behavior. The paper further applied event study methodlogy, and studied on performance of a listed company's share price before and after the news of refinancing is released to the public, the research indicated that responses of our stock market certainly cannot explain the refinancing behavior of our listed companies.The final research conclusion in this article believed that the causes of financing behavior of Chinese listed companies are many-fold, including our specific institution environment, financing environment, the enterprise's owen. Moreover the market response to the the news of refinancing indicated that participators of our country stock market did not welcome the financing decision through the stock market, especially equity financing, which disobeied with the equity financing preference of listed companies. Therefore the article believed that only realized the optimization of ownership structure and improvement of the compnies'management structure,financing environmen can optimize capital structure and financing behaviors ,and finally solve the financing problem of listed companies in our country.