China's Listed Companies Stock Financing And Bond Financing Imbalances - Analysis, Based On Cost-benefit Point Of View

According to the capital structural theory of modern west, the financing order of enterprises under standard marketing circumstance is: direct financing, bond financing, stock financing, which we view it as equilibrium of the structural financing. But the financing order of the enterprise going on the market in China is direct financing, stock financing bond financing, which we call it disequilibrium of the structural financing. This article focused on this contradiction emphasizes two comparable sides by using the cost-profit theory. The first part is about theory analysis. The author draws conclusion through particular analyzing and comparison the cost and profit between bond financing and stock financing on the basis of the capital structural theory of modern west that theoretically the cost of bond financing is lower than the that of stock financing as far as the beneficiary is concerned. The second part is about practical side. Based on the theory drawn from above, the author re-compares two sides: bond financing side and stock financing side, then makes conclusion that the cost of stock financing is lower than that of bond financing from the management side in the nonstandard marketing environment of China by analyzing the status of our stock market, enterprise management, property right of traditional national owned enterprise and policy orienting. In the last part of the article the author elicits that property right of traditional national owned enterprise is mainly attributed to the disequilibrium of the structural financing of our enterprise through analyzing it's reasons and influences then puts forward corresponding measure from the inner side and outer side of enterprise.