Corporate Finance Behavioral Research

With the deepening of the reform of economic system,enterprises as the main players in a dynamic market environment must operate all their production activities in compliance with market rules.This means that the existence and development of enterprises can no longer rely on government抯 care and ptotective polices,but rather must grow on their own in market competition.Since market economy is a capital- dependent economy,and the development of enterprises is mainly determined by whether they have stable sources of financing,fund-raising has become a matter of primary importance. The reality in China is that enterprises of today are no longer those in the tradition sense,but they are still different from those in the modem sense.This reality determines that corporate financing in China today sometimes behave in the same way as any other corporate financing in market economy environment,but it is also characterized by the real Chinese situation.The paper tries to provide theoretical basis for the reform of corporate system by analyzing corporate financing behaviors of SOEs,and revealing reasons behind their rational and irrational behaviors.Towards the end,it points out that the root of ineffective and non-standardized corporate financing behavior lies in softend restraint of property rights.Corporate financing behaviors can only become standardized when the reform of corporate and financial system is deepened,and the channels of fund-raising are widened,and financing environgment is improved,and effective incentive and restaint mechanisms are set up through hardening external restraint and innovating corporate owership system.