| Our Chinese securities market has been developing and improving continuously for more than ten years. Accompanied with the thorough reformation, the state-owned enterprises in large quantity have passed the IPO and become the state-owned listed company (SOLC). Along with the formation and development of our country's multi-channel financing mode, SOLC change the old financing mode depent on the bank loan and internal backlog, and the financing approach has the tendency presents the multi-channel development. Now, although the good opportunity, the direct financing has many problems, particularly the equity- financing preference since in the 1990's , and additional issue, new issue and convertible bond become the main method of external financing. The consequence is the inefficiency of using of the money and corporate governance. As for phenomenon, many scholars preceded the analyses from different angles,but the author thinks these analyses are not so comprehensive and lack of systematic analysis. There are many deep system backgrounds on financing decision in our country, so we should find a new thinking way to analyze it. This thesis analyzes the motivation and environment of equity financing from many aspects and explains equity financing as an opportunism behavior in management. Then combing equity financing securities with corporate governance, the thesis deeply analyzes system defect of shareholding system. On the basis of classic theories about financing structure and corporate governance, this thesis emphasizes the combination of theory and practice in the research into the objectives with adequate facts and data by means of generation, comparison and listing. This thesis starts from the western corporate financing theories, investigating the basis ofthe financing behavior choice, and pays more attention to the relationship between different financing behaviors and corporate governance. Then, under the environment great changing with financing system in China, the author analyzes the financing behaviors of the state-owned enterprises - the precursors of the SOLC, to understand the problem of relying on the approach; again analyzes the developing of the international financing mode in developed countries, just to investigates what kind of financing matches the demand of the economy market in our country. On the basis of them , the author investigates the equity-financing preference and analyzes the phenomenon,characteristics, reasons and harms . Finally, the author puts forward a series of solutions. Chapter 1 gives the definition, contents and characteristics for financing method, financing mode and financing structure, then proceeds to the classification of the financing theories and introduces the western tradition and the modern capital structure theories, mainly investigating the function of financing security to the corporate governance. The author makes brief comments on the western financing theories and its enlightenment on Chinese enterprises.Chapter 2 traces the three stages of enterprise financing system in China: the finance, debt and multi-channel financing and analyzes each stage's characteristics and related issues about the enterprises' financing behaviors in each stage. Then compared with two typical international enterprises' financing mode, this chapter specially analyzes the development trend that two kinds of modes blend mutually, and concludes that the financing mode will head for the direct financing to unify with indirect financing mutually. However in our country, at present stage we should develop multi-channel financing mode with indirect financing in bank as the predominant. Chapter 3 is the main body of the thesis. Firstly it describes the phenomenon of equity-financing preference in direct financing by usingsubstantial evidence data. Its characteristics include extensive, dependence and bane. As the preference is the enterprises' behavior, the author investigates the financing decision of SOLC from the managerial theory step by step. Firs... |
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