Research On Non-tradable Shares Reform's Impact On Listed Company Financial Preference

Corporate financing is pretty important to the management decision-making in modern enterprises. No matter how different organization forms of enterprise and operation scale are, no matter how different economic benefits of enterprise and development prospect have are, it is mostly difficult to break away from the shortage predicament of the fund and desire to crave for the fund for a long time. So, financing becomes the cardinal task that enterprises think. As to Chinese listed company, the financing way is varied, such as keeping surplus, depreciation, bank borrowed money, issuing stock, company's bond, etc. And by the ratios of these way melts funds to general financing, will have composed the enterprise financing structure, the financing showing enterprise preferences, this one preference indicates our country listed company degree of reliance to financing way. This partiality represents the choice direction to the financing way of listed company of our country. The research on corporate financing has been made by the academic circles in western countries since 1950's and formed a mature system about capital structure and has already played a guiding role in western countries' financing behavior. Because the peculiar of our country's economy environment and immature capital market, we can't copy the west financing theory into our listed company's financing behavior. The financing behavior research must carry out in view of our country capital market reality. The biggest particularity of Chinese capital market is the existence of the split share structure . It was formed in the process of China's economic transformation. As stocks are classed as circulating equities and non-circulating equities in the stock market, there exists conflicts between the two types of stockholders. From past researches we can see that circulating equity stockholders concern of the market value of the company, while non-circulating equity stockholders concern of the net assets per capital and benefits from control rights.The reform of non-tradable shares which starts from May, 2005, has almost completed today, it has built the system foundation for standardize development of capital market and listed company. This text regards financing behavior of the listed company as the research object. Takes the background of the reform of non-tradable shares, take modern west capital theory as a basis, the financing of listed company of key research has a partiality for the problem. Through the research, this text attempts to answer three following questions: (1) What is the financial performance of the listed company of our country after the reform? (2) What is the influencing factor for the listed company's financial performance? (3) Does the influencing factor have changed as well as the change tendency after the reform?In order to answer these questions, an angle that this text has a partiality for listed company financing systematically. The full text has adopted the norm to analyze the research approach of combining with the positive research combines together, qualitative analysis and quantitative analysis and comparing and analyzing etc. The full text is divided into five parts, the main content includes:Part one is the introduction;Part two mainly reviewed and commented to the western capital structural theory briefly. The western capital structure contends traditional capital structural theory, modern capital structural theory and new capital structural theory. Then sum up the financing research achievement in domestic and abroad.Part three focus on the non-tradable shares reform's theoretical effect on the Chinese listed company financing preference. First, we have recollected our country non-tradable shares reform progress. Second, analyzed the differences of the listed company's financing way before and after the non-tradable shares reform, then put forward that a listed company financing behavior would have accorded with "Packing-order theory" after the share is changed. After further analyze of the causes that listed company's financing preference, reached that equity structure is the key factor. Then bring forward the studying hypothesis.Part four bases on part three's theoretical analysis, Choose our country listed company's data in 2005 and 2007 to represent the before and after reform respectively, according to the comparison result to a listed company financing preference and its influencing factor comes to a conclusion: after the non-tradable shares reform, the listed company still exist equity financing preference. Mechanism of state-owned equity is still vacancy. The circulating equities controlling power aggregation mechanism has not formed yet. Manager stockholder rate is extremely low, have no encouragement. The upper strategy of capital market investor is vacancy, the variables (firm size, asset tangibility, volatility and profitability) that are found to be important.Part five, basis demonstration analyses result, give policy suggestion to improve our listed company financing behavior and to construct our capital market regulations, all included five aspects. First, strive to develop bond market to build the multiple echelons open type capital market system. Second, reinforce the protection to small and medium stockholder's equity. Third, Lessening State-held share proportion to arrive a mutual stock holder checks and balances. Fourthly, improve manager shares of holdings to build Stockholding incentive system. Finally, cultivate the abroad strategy investor energetically. In the end, sum up the defects on my studying.