A Study On The Structure Of Financing In The Listed Corporations In China

Capital structure that is a centralized reflection of shareholders'rights and obligations, determines the managing structure of corporations, and further influences on their behavior characters and value, therefore capital structure is"genes"of the modern corporation. Optimal capital structure is in favor of improving the behavior and value of corporation.But the capital structure in the listed corporations in our country is not perfect. And the key reason is that the corporations cannot make well use of the financial level. Even though many domestic scholars optimal the capital structure of the listed corporations with different methods, they use the history data with the feature of afterwards. However, the value of the corporation is Stochastic. And if we want to build a fore-reality model to analyze the capital structure, we must hold on it.The first chapter defines the objects and reviews the domestic and foreign researches. The current situation of the listed corporations is analyzed in the second chapter. The third chapter studies the feature of option of stock and bond, and builds the optimal Long-term debt model based the option pricing theory. Moreover, this paper tests the model with the data of VANKE, and provides the economics explanations for the model. Finally, some policy suggestions to change the phenomenon of preferring stock are made in the last chapter.