Study On The Governance Effects Of The Financing Behavior Of Our Listed Companies

Based on the traditional financing structure and capital structure theory, Combined with the specific conditions in our country, This paper statistical analysis of the situation of the financial structure of our listed companies, In-depth studies of the behavior of the listed companies in the capital markets and its effect of corporate governance. The results show that Equity financing preference and the market timing of equity financing are the main form of financing behavior of our listed companies. At the same time, different financial structure options will lead to a redistribution of control between stakeholders, which would result in different effects of corporate governance. Based on the theoretical study, we empirical study the financing behavior of our listed companies and its effects of corporate governance. The main empirical research is as follows: First, our listed companies will expand the scale of debt financing while expanding the scale of equity financing. The higher the market value of enterprises, the more favorable of our listed companies'refinancing equity. However, there are no significant relationship between the rate of debt financing and the market value of enterprises. the rate of debt financing is affected by company's operating performance. The creditor pay more attention to the company's operating performance than to the market value of enterprises when loaning to the debtor. Second, because the largest shareholders of our companies holding a significant position, the financing structure of our listed companies did not show a good effect of corporate governance. The current financing structure has little impact on the redistribution of corporate control. The current financing decisions of the listed companies may be influenced by controlling shareholder. The financing structure of our listed companies need further optimize. At last, we proposed some policies and recommendations.