Research On Financing Structure Of Listed Corporations In China’s Equipment Manufacturing Industry

Equipment manufacturing industry is the core of manufacturing industry, whichis the backbone of national economy. Not only equipment manufacturing industry is amaterial production department which provides technology and equipment to thevarious sectors of the national economy, but also a strategic industry to safeguardnational security and improve the comprehensive competitiveness. With the furtherdevelopment of the reform of China’s economy and finance, great changes took placein the financing system and financing structure of equipment manufacturingenterprises. In this case， Researching the financing structure of equipmentmanufacturing industry’s listing corporations, on the one hand,it is beneficial to theoptimization of corporate governance structure, improving enterprise management,promoting the development of enterprises, enhancing corporate value; on the otherhand, it is conductive to enterprise development strategy and governmentdecision-making departments in the formulation and implementation of the equipmentmanufacturing industry policy.According to the latest theoretical research results of domestic and foreignfinancing structure, and combining with the actual situation in China, This paperstudies financing structure of the equipment manufacturing industry’s listingcorporations. Regarding listed companies of manufacturing industry as the researchobject, and employing comparative analytic approach, we can come to the presentsituation of the financing structure of the listed companies of equipmentmanufacturing industry: The proportion of external financing accounts for the largerproportion to internal financing, financing structure of bond is unreasonable, and exitsstrong preference for equity financing. From two angles of macroscopic institutionalfactors and micro factors, this paper makes a comprehensive study on the reason forthe equipment manufacturing industry. It uses factor analysis method and multipleregression analysis method to find factors which affect financing structure of theequipment manufacturing industry’s listing corporations. Finally, in order to pursuevalue maximization, it puts forward some countermeasures and suggestions tooptimize structure.