Listed Manufacturing Companies Financing Structure

As the basic industry of national economic operation, the manufacturing industry is an essential condition and basic guarantee that maintain national social production and lives to go on normally and promote national economic development. With the development of the economic system and financial reform of our country, the financing system and financing structure of the enterprises of manufacturing industry have been changed greatly. In this case, we only know the current situation of the financing structure of the manufacturing industry correctly and grasp the main factor that influences financing structure of the manufacturing industry, and we could choose financing way of the enterprises rationally and form the optimum financing structure.According to financial data of the listed company of manufacturing industry, this paper studies the current situation characteristics of the financing structure of the listed company of manufacturing industry systematically and deeply by taking the domestic and international financing structural theory as the theoretical foundation, and regarding financing structures of 127 listed companies of manufacturing industry as the research objects, and employing comparative analytic approach. We can come to the conclusion that financing structure of the listed company of manufacturing industry exists strong preference to equity finance, and the structure in debt is unreasonable, and the level of the current liability is generally on the high side, and the level of the asset-liability ratio is on the low side and the downward trend, we studied about the financing structural influencing factor of the listed company, as to the factor of influencing financing structure of the listed company of manufacturing industry, this paper takes 57 listed companies of manufacturing industry in Shenzhen and Shanghai as sample of studying and uses empirical analysis. On the basis of this conclusion, we discuss the reason thoroughly that financing structure of the listed company of manufacturing industry exists strong preference to equity finance and the structure in debt is unreasonable by combining actual conditions of the capital market of our country and capital cost and profit ability of the listed company of manufacturing industry from macroscopic and microcosmic two respects.Finally, on the basis that we analyzed the real example result deeply, we come up with some suggestions on optimizing financing structure of the listed company of manufacturing industry by combining the reality of our country and taking company pursuing maximum of value as the final goal, for example .optimize the structure of stock right of the listed company; developing bond market.