The Influence Of Regional Market Level On Debt Financing Behavior In Listed Companies

The development of listed companies can not be without the behavior of financing and investment, financing is the start point. Throughout the research literature at home and abroad, starting point for financing research is not the same, while with the deepening process of market in China grows, the influence of market-oriented internal structure on financing becomes more and more important, this article choose the perspective of regional market-based to analysis the impact of debt financing.Under the premise of discussing the theories of debt financing as well as the degree of the market, the article chooses all the A-share listed companies as samples, to study the data from the year2000to2010to analysis, the results are as follows:The liabilities financing scale of listed companies in different areas is significantly not the same, in which the market-oriented total index and the internal structure factors, which are organization development degree as well as the improvement of legal system, have the most significant effect on debt financing; internal structural factors, the development degree of factorable market in internal indicators play a positive role on financing availability, the other four indicators have negative correlation with financing; Control variables also have an impact on the debt financing, with the enterprise scale and net cash flow have the most significant effect.Based on the regression conclusions, the paper proposes policy recommendations for the optimization of debt financing:there exists an urgent need to improve the level of market from national, regional and enterprises factors, what is more, to promote the improvement of internal market system and the legal system in order to expand the scale of financing.