Analysis Of The Alteration Of Financing Capital Use Of Companies Listed On The SMEs Board

Securities market is the main platform for enterprises' financing and investment. The establishment of Chinese minor enterprises board, to a great extent, solves the need and demand conflict of capital between investors and small-medium-sized enterprises, and it also accelerates these enterprises'booming. However, because of the complicated circumstances of securities market and invalid system of listed companies, the alteration of financing capital's use has emerged as a worsening problem, which directly influences the performance of listed companies, the market order, and investors'confidence on the company and the market.Based on such background, the dissertation advances some relevant theory, and introduces the current condition of securities market and the general state of listed companies. It generalizes the current condition of the alteration by statistics. Through the analysis of market circumstances, of the listed companies' own traits and of the comparison of regulations on alteration between home and abroad, it profiles the outside system, circumstance and companies' inter-organization, share-holding structure, and operating condition, which probably leads to the alteration. It surveys on the sample data released by the listed companies from 2005 to 2007, analyzes inner factors which influences the alteration, and then comes up with the research hypotheses. Assisted by the statistics tools, it tests the hypotheses. It makes some empirical analysis on the probability and degree of the alteration with diverse Logistic regression model and OLS liner regressive model to demonstrate the relevance of the deed and these factors. The result shows that the company's financial condition, profitability, and governance structure are proportional to the probability and degree. Finally the dissertation analyzes the result and puts forward corresponding policies and suggestions.The research on the listed companies'financing and investment, especially on the motivation of the alteration of financing capital's use can help tap and solve the existing problems in our small-medium-sized enterprises and the corresponding securities market. It plays a practical role in perfecting the relevant systems of minor enterprises board and maintaining market order. In addition, it accelerates to improve companies'governance structure and establish the modern-enterprise system.