Listed Company Debt Financing Effects

According to modern capital structure theory, the financing policy of company does influence the value of the company. Through a long-term theory exploration, the theory of the capital structure has been already relatively perfected. Domestic scholars carried on a large amount of research from the aspect of stock right structure and company management, and have drawn some more convincing theories. But there is relatively less research on debt financing. From debt financing angle, this text attempts to research the current situation and the origin cause of debt financing effect of the listed company of our country, in order to offer a basis of recognition to our listed companies for making financing policies.Centering firmly on financing effect of debts, this text launches analysis on the financial lever effect, the shield effect of the tax, the company management effect, the signal transmits effect and the short of money effect of the listed companies of our country, by way of adopting the combination of normal study and positive research. During our study, we find: firstly, there is a partiality for stock financing in the listed companies of our country, and the financing effect of the debt is overall and relatively bad; secondly, Comprehensive score F of the financing effect of the debt rises with the rising of the asset-liability ratio. After reaching a certain critical value, F drops with the rising of the rising of the asset-liability ratio, there is optimum capital structure. Regarding a certain specific value of F as the standard, there are rational capital structure blocks. In addition, F rises and drops with the rising and decline of the net debt rate.Only by the national administrative department raising the stock financing cost of listed company, hardening the tied mechanism of debt financing, accelerating the construction of administrator's market and control power market and setting up and amplifies the information announcing system, and our listed company optimizing the structure of stock right structure and debt consciously, can we change the distortion current situation of the financing effect of debts.