Split-share Reform's Impact On Listing Companies' Financing Decision

It is a long history of issue of equities separating in our country's stock market, with the development of share market and the deepness of cognition, some serious disadvantages in system gradually are exposed.The disadvantages in system not only seriously obstruct normal development of our country's share market, but make great effects on financial management of listing companies. The goal of financial management change into the maximum of share-controlled shareholders'wealth; The companies'management ignore the stock price, because the price of stock can't reflect the value of the companies, and it is just the tool of individual and institution investors for earning money; the main goal of listing companies is to gather money by stock financing, besides, investment and dividend distribution depend on financing decision.Using ways of theoretic analysis, statistical analysis and case analysis, the paper discusses the disadvantage of companies'financial management in split-share state, and then discusses the changes of listing companies' financial management after split-share reform.The paper analyzes the infection which the reform brings, containing mostly the changes in goals of financial management and financial decision. It makes sure that since the financial goal changes into the maximum of share-controlled shareholders' wealth, listing companies pay more attention to minor shareholders'interests and price of stocks. Concerning financing decision, I count the amount of different financing methods account for total financing amount from 2000 to 2006. I find that a lot of companies depend on stock financing, and from the point of academic view, I forecast that our listing companies'financing decision will close to "Pecking Order " financing theory. About invest decision, the paper deals with two points of views, one is ecumenic invest, because listing companies change invest directions, penman consider that invest decision attach itself to financing decision; the other is especial invest——merger acquisition. After split-share reform, because of the change of circumstance, invest decision will serve the company. And then, penman adds up the actuality of listing companies'dividend distribution, and forecasts the changes forthcoming. In the end, I analyze the changes of stock "shenyang machine tool" at split-share reform, the great mass of changes accord with the analysis of preamble, but it also materialize the particularity of some companies:such as, the financing decision of "shenyang machine tool" delegate a part of listing companies owning fine outstanding achievement.