| Financial structure and financial selection have always been the focal point of academia and enterprises. The capital market in China has been into an extremely new stage with the successful equity division reform and the establishment of bond market. Station-owned listed companies have all long been the most important part of listed companies in China. The influence factor and character of financial selection of these companies stand for the monolithic state in China capital market. In new situation, systemic research for financial selection of station-owned listed companies has theoretical and practical significance for improving administration and maintaining and increasing national asset.The article starts from analyzing the financing environment for station-owned listed companies, on the basis of pecking order theory, Trade-off theory and Principal-Agent theory. Through analyzing the stocking and increment financial selections of station-owned listed companies we find that they have obvious equity financing preference, current liabilities contribute nearly 80% in all liabilities. In full circulation situation, additional stock issue tailed for majority stockholders and institutional investor, detachable convertible bond, debenture, short-term financial bonds have been the main method for external financing.As for influence factors for station-owned companies' financing selections, the article makes qualitative and quantitative analysis. Using multinomial logit model explains and predicts internal influence factors. We find that the influence factors changed with the equity division reform. Station-owned listed companies reset their goal for financing to maximize the value of enterprise, and approach the pecking order theory. At last, we analyze the problems caused by the current financing selection structure and offer relevant solutions. |
