A Study On Financing Structure Based On The Balance Of Stakeholders’ Benefits Perspective

Stakeholders are considered as those recognizable groups and persons on whoma company should depend for its persistent existence, including shareholders(owners), creditors, suppliers, employees, customs(distributors included) andgovernment. Nowadays, companies depend on a series of complex and competitiverelationships during their production, management and development. It is notenough to take shareholders’ benefits into account only, if companies want to get atiny space in the market. Companies couldn’t live, develop and strengthenthemselves without all their supporters, neither could financing structure policymaking. So in this paper, financing structure is studied based on the balance ofstakeholders’ benefits perspective.This paper introduces the significance of topic selection and research thoughts,than analyses stakeholder theory and financing theory based on reviewing the twotheories, defines who are stakeholders of a company and outlines their effects onfinancing. In addition, how these benefits are realized in the ways of equityfinancing, debt financing and internal financing is also elaborated in this paper. Aftertheoretical analysis,5747data of listed companies during2006and2010inShenzhen and Shanghai stock exchanges are chosen to design index to benefits of allstakeholders on the basis of financial performance index, and debt to asset ratio ischosen as explanatory variable to be financial leverage to measure financingstructure to analyze the current situation of listed companies’ consideration ofstakeholders’ benefits in financing. Through multiple regression analysis, theresearch indicates that shareholders’ benefits and customers’ benefits have asignificant relationship with financial leverage. It seems that listed companies payattention to shareholders’ and customers’ benefits while choosing financing structure.It is compatible with the situation that our listed companies go after their profits now.But companies cannot live without the support of creditors, suppliers, employeesand government, so they shouldn’t be ignored. Companies can gain more supportand maintain more stakeholders’ benefits on the basis of the balance of stakeholders’benefits perspective, seeking all-win and sustainable development.