The Research On Financial Development And Debt Financing Of Listed Companies

Since the reform of non-tradable shares in start-up, with a series of new regulations and policies on economic and financial issued, China has built a new system environment of capital market. The optimization of institutional environment will make the factors that leaded to equity financing costs low fade away, equity financing costs increase, and debt financing more obvious superiority. So, the listed company preferences on debt financing will heat up. However, today, although the phenomenon of "heavy equity light creditor" improved in our country's listed companies, the listed company ranked in the ranks of debt is becoming a new "weather". But most of the listed companies still show strong preference on equity financing, and huge stock financing don't match with shareholder returns. According to financing the pecking order theory, the listed company's financing order is: internal financing, debt financing, and the last equity financing. And after share-trading reform of listed companies in China every year average asset-liability ratio remains anemic 50%, debt financing status is still not got enough attention.In the new system environment, the development of financial market to a certain extent changes financing characteristics of listed companies, the financial markets in different areas developed differently, which may lead to the formation of the capital structure difference. Meanwhile, to listed companies'own characteristics, funds from different sources have different meaning for its management, for example debt fund does not participate in the normal operation of the strong but as to its bankruptcy constraints; Equity funds are involved in the listed company management, and will affect the top down decisions; The listed company high debt more easily fall in business crisis; Equity financing high proportion of enterprise, can have capital market "circle suspected of money". Thus, the scale of listed companies'debt financing directly affects their future development. So, how the level of financial development affects the debt financing structure of the listed company? Can financial development reverse current situation of "heavy equity light creditor" of listed company? Especially with regional differences of the level of financial development, would the listed company debt financing have any differences?In this paper, the latest data on financial development in 1020 listed the company's financial data is analyzed, and the impact of the various regions of China to different levels of financial development on corporate debt financing is researched. First, the research theoretically analyzes the influence of the financial development level on debt financing of the listed company. According to the results of previous studies and the actual economic situation, the paper in this chapter theoretically analyzes the relationship between the level of financial development and corporate debt financing. The chapter mainly analyzes that the level of financial development on corporate debt financing may impact the level of financial development and how enterprise debt ratio changes under the joint of financial development and their own characteristics (including firm size, profitability, growth, the actual controller properties, assets, collateral value and the proportion of intangible assets).The next of the paper is empirical analysis. This chapter is divided into two parts: the first part, using factor analysis to measure the level of financial development, calculate the composite score, and evaluate it; second part of the multiple linear regression model with regression analysis, to test the level of financial development for enterprise the impact of debt financing and the level of financial development and their own the characteristics on corporate debt finance.Through theoretical analysis and empirical research, we get the conclusion:our financial development present regional characteristics:From the year of 2004 to 2009, the structure of the debt financing China's listed companies also presents the regional character; Debt financing of listed companies are also obviously different because of different company characteristics; The influence of financial development level of different regions on debt financing of listed companies are also different; Nationally, there is a positive impact of our financial development level on the listed company's assets and short-term debt ratio, and a negative impact on long-term debt ratios; From the national situation, as the level of the financial development raising, the structures of debt financing of the listed companies have a close relationship with the company traits.