Research On Joint-stock Enterprises Financing Decision Based On The GHM Model

In recent years, there are a large number of experts and scholars with a lot ofresearch and study on the financing of listed companies, and the influencing factors ofthe capital structure of listed companies from many different angles, but such analysisis basically based on the principal-agent theory and pecking order preference theory.The property rights of financing structure theory, has not been systematicallystudied, there are only a litter of literature introduct the theory or description of thecontrast. Based on the GHM model and its extension, this paper as the perspective ofthe evolution of the financing decision, and as the core of property rights dispositionto discuss the corporate governance issues.Firstly, this paper discuss the internal characteristics of the property rightsbetween the different of enterprises in the corporate lineage which proposed by Lijiande,include entrepreneurial firm owned by the owner of capital, joint-stock firmowned by both shareholders, mainly capital owners, and managers, managerial firmjointly owned by managers, shareholders and other knowledge owners. And thenlisted companies will be divided into a shareholder-based manager enterprise managerand manager-based enterprises which by holding and voting rightsconcentration andother indicators, because the internal property rights between state-ownedenterprises and private enterprises is different, we analyzed from two dimensions ofall the listed companies and privatelisted companies we selected asset-liability ratio,the equity financing amount and the amount of debt financing and other indicatorsfrom2002to2010, all listed companies and private financing preference of listedcompanies in the study. The results show that: private listed companies, joint-stockfirm owned by both shareholders, mainly capital owners, and managers, pay moreattention to equity financing, and managerial firm jointly owned by managers,shareholders and other knowledge owners is more emphasis on debt financing.Because of the state-owned enterprises particularity, when we select all listedcompanies as research object, the results is different, and did not show consistency.Financing decisions and property rights has become one of the important topic ofcorporate governance, make symbiotic evolution of property rights and financingdecision as a subject of study, it provides a new perspective and ideas in order tooptimize the financing structure and improve corporate governance performance,italso has some theoretical significance for property rights theory.