The Internationalization Of Securities Financing Of The Financing Structure Of Listed Companies In China

The choice of corporate financing structure is not only a financial problem, but also a matter of economic efficiency of enterprises. The optimal financing structure is a weighted combination of different financing that makes the costs minimized.Financing Options of listed companies in China is different from that in developed capital markets, because China's capital market is in an increasingly open environment.In theory, this paper proposes four hypothesis about how security financing internationalization influence China's listed companies'financing structure:(1) If the institutional shareholder and social public shareholders play an active role, securities financing internationalization and the company's capital structure are positively related. (2) security financing internationalization exacerbates market information asymmetry, and listed company debt levels are negatively related. (3) If securities financing internationalization can effectively improve external corporate governance functions of the securities market, the company's capital structure are positively related. (4) security financing internationalization makes shot debt maturity structure.In order to prove these assumptions, this paper made the panel data regression, this paper found, financial structure and financing internationalization do not exist significant correlation. Then, the paper compared financing structure about A listed companies and A\H cross listed company, this paper found that the domestic listed companies on the show equity financing preference, cross listed company had reasonable financing structure. This shows the securities market of our country is not effectively enough to play exterior governance functions.At last, this paper makes suggestions to improve securities market. Such as,how to appropriate QFII controls; B shares should be reformed to cultivate value investors; Foster domestic convertible bonds market should be established; the value investment ideas should be cultivated and the institutional investor's team should be strengthened and the control market should be more effective.