Listed Companies In The External Financing Environment On The Choice Of Corporate Financing Method

Listed companies sustained and stable development is inseparable from capital and financing to address the shortage of own funds of listed companies. The financial crisis of2008and2011European debt crisis macro economic environment becomes more complex. Growing listed company in this case, to choose their own mode of financing based on changes in the external financing environment?This paper uses the internal and external environmental factors to Conduct empirical research; the aim is to select the mode of financing of listed companies to provide a reference.In this paper a total of six chapters, each chapter as follows:Chapter1Introduction:This chapter first describes the background and significance. Next describes research ideas and research framework. Next introduce the research methods used in this paper. Finally, the expected contribution of this paper are discussed in detailChapter2Literature Review:This chapter combing through literature, finds that the impact of environmental factors of external financing of domestic and foreign scholars selected corporate finance; they believe that external environmental factors will affect the company’s financing methods selected.Chapter3Theoretical Analysis:Firstly, this article introduces the related concept of the financing and financing environment. Then, this article introduces the theoretical basis used in this article. Finally in this chapter use the theory of the theoretical basis for part of the external financing environment of financing of listed companies selected for the theoretical analysis.Chapter4The establishment of the external financing environment to select the model of financing of listed companies: This chapter first set the variable. Next, the article describes the empirical model.Chapter5The empirical analysis to external financing environment for financing options:With empirical methods, this chapter analyzes the impact of external financing environment on the choice of the mode of financing of listed companies.Chapter61Conclusions and policy recommendations:First, the chapter according to the earlier chapters of theoretical and empirical results, and draws the final conclusion of this article. Then, this chapter has made policy recommendations.The main contribution of this paper:(1) Argument from an empirical point of view external financing climate factors affect the choice of the mode of financing of listed companies.(2) The use of three different theories, to analyze the impact of the external financing environment, the choice of the mode of financing of the listed companies.(3) Verified after its accession to the external environmental factors, listed manufacturing companies in China have strong preferences for equity financing.This article needs further research directions:This paper studies the macroeconomic and financial environment in the external financing environment. A deeper level of research can increase the range of options and selection factors.More comprehensive reflection of the external financing environment for the choice of corporate finance.