Stock Market And Credit Market Non-symmetrical And Corporate Finance Structure

ABSTRACTEarly in the 1980s,asymmetric information theory was introduced into analysis of enterprises' financial structure by the economist Ross .On the basis of it ,Myers and Majlus further studied influences of cost of enterprises' financing exerted by asymmetric information and pointed out that the order of enterprises' financing is interior ,bond and stock financing.The thesis firstly analyses asymmetric information which is the premise and shows why the market cannot supply enough information which is needed in allocating resources rationally under function of price in the stock market.Secondly, it analyses asymmetric information issue on the credit market and points out that credit market can lessen consequences caused by asymmetric information through a series of financial contracts,and explais why credit financing account for the most part of enterprise's financing. In other words, the thesis further analyses theory premise, proves it from the aspect of the theory, and specifies its result. The thesis in the last part analyses the problems of asymmetric information on the stock and credit market in China, Then it points out that Chinese stock market cannot become the main channel of enterprises' financing at present while credit market cannot supply capital that enterprises need, either At last, it shows that financial system must be reformed and stock market must be standardized, at the same time new channels of financing should be set up to improve effiency of enterprise's financing.