Raise Funds To Invest In Listed Companies In Empirical Study Of Motivation To Change

Two functions of the capital market allocation of resources and equity financing, including equity financing is an important financing channel for listed companies, Through stock ownership financing, the listed companies Can absorb the dispersing social capital and transform it into long-term capital. So the stock ownership financing contributes to some problems in listed companies.However, the current situation in our country,the financing behavior of the listed companies in China is not completely rational and economical.The phenomenon of listed companies investing the money not according to the plan is very normal,Listed companies such behavior irrational and effective stock integrity of the building will not only have a great negative impact, but also for the market to effectively play its direct impact on resource allocation. Is not conducive to the stable and healthy development of China’s securities market.Based on the above background, theoretical analysis and empirical analysis using a combination of research methods, to raise funds to invest in the elaborated the theory of change, based on objective data, described the funds raised to invest in listed companies in China to change the status, characteristics, and against the background of this reality, from the perspective of both internal and external motivation to raise funds to invest in China to change; and then from the corporate governance structure and institutional environment start to 2003 -2008 years of data to support, using theoretical analysis and empirical analysis method, the change of the reasons to raise funds to invest in an empirical analysis. Empirical regression results showed that: the internal governance structure of corporate ownership concentration, the independent directors of the ratio and size of the board of listed companies to raise funds to change orientation changes significantly impact the company external institutional environment in the market process, the rule of law standards the degree of government intervention to raise funds of listed companies in China was significantly related to change. In addition, on the whole, the effect of internal governance structure than the latter, a special stock market for the Chinese environment, there are sound internal governance structure of listed companies to make up for the weakness of the external institutional environment. Finally, based on the analysis of the previous text, this paper presents the corresponding control measures, mainly from two aspects: specification and to improve the internal governance structure of listed companies outside the system.