The Analyze Choices Of Patterns Of Debt Financing In Our Country's Listed Companies

In recent years, the capital market has been developing rapidly in China. Especially, in the stock market, under the successful reform of the stockholder's rights distinction, which develop fast and direct financing scale expand rapidly. However, the loan from the bank is still the fundamental pattern of financing in our country's enterprises, and the proportion of debt financing is large in capital structure. Therefore, the research on debt financing is still meaningful.At present, in order to found the best capital structure, the overseas'research on financing is mainly about the combination between debt financing and the equity financing. Particularly, the study on the debt structure is very little. The domestic research on enterprise financing mainly concentrates on the macroscopic stratification, and about the improvement company management structure. However, the research of enterprise debt financing in other aspects is very seldom.In this article, the listed companies are my study object, Corporate Bonds and Bank Loans are patterns of debt financing representatives. And analyze the factors of the debt financing mode selection, the two ways debt financing to the enterprise achievements influence and these two debt financing way to the stock price the influence by taking the enterprise in china as the object, and regarding the bank loans and the enterprise debenture as model. Finally, we can draw the conclusion and put forward the policy proposal. The concrete structure and the content arrangement are following:Chapter 1 is the introduction, in this chapter will briefly depict the background of the research and the meaning, the structure, the research method of the thesis, and the explanation of related concepts and questions, pointed out shortcoming of this thesis.Chapter 2 is the overview of concerning theories. According to the modern capital structure theories, we will explain how debt financing affect the performance of enterprises, and the function of enterprises mechanism. This chapter set up foundation theories for the next chapter. Firstly is the tax avoidance of debt financing, we will explain the status when the theory of MM import tax: more debt the corporation will more valuable. Secondly, is the affect of cost bankrupt, because the cost of bankrupt is costly, so the debt-equity ratio is not so large. Thirdly, we will discuss the cost of principal-agency. Debt financing contribute to shareholder to lower agency cost by encourage the managers more endeavor. But this is another problem: the conflict between creditor and shareholder. Section 4 we will discuss the information dissymmetry in corporation financing, and what signal delivers of debt financing. The last section of this chapter we will discuss the control of corporations transfer cause by debt financing.In chapter 3, we discuss factors which influence our country's listed companies debt financing mode, and its correlations. In section 1, from the macro view, we discuss which factors influence our country's business enterprise debt financing. The stage of economic developing, the strategic policy of macroscopic economic, the financing environment and the level of our country's economic. In section 2, we contrast the cost of the loan of bank and the bond of corporation. We get the conclusion that the situation of our country is not as same as the developed countries: The correlation between value of the company and the proportion of bond is positive, but it's ratio is not growing by the financing scale and the value of company; the correlation between proportion of load by bank and the financing scale is positive; the cost of bond is lower than the loan of bank, but so many listed companies take the loan as their first choice of debt financing, why? In section 3, we explain the question what section 2 pointed out.In chapter 4, we analyze the relation between the bank loans, corporate bonds and the return of company. We take 28 listed companies of our country as samples, setup three formulas for demonstrated analyzing, and the results are following: other equation is not prominence except the correlation between bond and equity. This conclusion has been proved that the function of bond is better than other patterns of debt financing.In chapter 5, we analyze the bank loans and corporate bonds stock, the two patterns of debt financing affect stock price of our country's listed companies, and the conclusion is that the news of bond issue is more favor than bank loans. We made a more confirmation before.In the final chapter, we summarize what we discuss in this dissertation, and give some advices to promote our country's bond market development: we should reform the system of management of corporation bond, equity of state-owned commercial bank must be quick, and put the new《The Law Of Bankrupt》into practice strictly.