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A Study On The Question Of The Alteration Of Input Destination Of The Financing Capital By The Listed Companies In China

Posted on:2008-08-11Degree:MasterType:Thesis
Country:ChinaCandidate:H Y WangFull Text:PDF
GTID:2189360245497498Subject:Accounting
Abstract/Summary:PDF Full Text Request
It is a particular phenomenon that the listed companies alter the input destination of the financing capital, the listed companies'altering the input destination optionally on a large scale not only influences the sincere construction of the security market negatively, but also directly influences the effective allocation of resources of the security market. Therefore, it is necessary that studying the alteration of input destination of the financing capital to analysis current situation and reasons of the alteration of input destination, study the influence of the alteration of input destination of financing capital to the running performance of the listed companies and the capital market and put forward some corresponding policy proposals aiming the alteration reasons. It has great significance to improve the utility efficiency of the financing capital and the quality of the listed companies and prompt the healthy development of the security market.This dissertation is to adopt standardization study method to systematic study the alteration of input destination of the financing capital in China thoroughly on the basis of reviewing the existing literatures on the alteration of input destination of the financing capital at home and abroad. In the introduction of the theories, this dissertation introduces the definition, classification and forms of the alteration of input destination of the financing capital, and then introduces the relevant theory to the alteration of input destination of the financing capital, including theory of new institutional economics, theory of information economics and theory of principal-agency, and all these theories constitute the stability theoretical basis for the continuing researches of the dissertation.It is found that the current situation of the alteration of input destination of the financing capital is serious and the faultiness of the relevant laws and regulations, the information dissymmetry and the question of principal-agency are the reasons of the alteration of input destination of the financing capital, therefore, the dissertation overall analyzes the true reasons of the listed companies'altering input destination of the financing capital using the theory of institutional economics, theory of information economics and theory of principal- agency when it studies the alteration of input destination of the financing capital. Finally, the influence of altering input destination of the financing capital to running performance of the listed companies and the capital market is discussed overall. when studying the influence of the alteration to the running performance of the listed companies, it is found that the running performance of altering input destination of the financing capital is lower than the running performance of no alteration of input destination of the financing capital by descriptive statistics analysis, as a result, it concludes that it is the non-objective reasons to cause the alteration of input destination of the financing capital from the angle of empirical study.On the basis of the results, the dissertation puts forward some policy proposals according to the reasons of alteration of input destination of the financing capital to regularize the using behavior of the financing capital of the listed companies.
Keywords/Search Tags:Financing capital, Alteration of input destination, Information dissymmetry, Principal-agency, Running performance
PDF Full Text Request
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