Empirical Study On Construction Financing Preference Of Listed Companies

With the integration of the international economy to accelerate development, financial problems have gradually become the core issue of economical energy to build a new type of color community.Among them, the financing of enterprises, in particular financing preference of listed companies has become in recent years, the academic study of the modern capital market focus. Modern means of financing is divided into exogenous and endogenous financing financing. In our country, as the pillar of equity financing external financing has become a common mode of financing of listed companies, listed companies through IPO, allotment, issuance and other ways to raise funds from the secondary market has become customary mode. Correspondingly avoid the bond financing. These traits and Western classical finance theory of the "pecking order theory" is just the opposite.In this thesis, after a review classical finance theory to classical finance theory, the study of Chinese listed companies in the construction industry in the status quo and existing problems, To financial data from2010to2012in43of China’s Shanghai and Shenzhen listed companies to disclose the construction industry in this period as the study sample Construction financing preference of listed companies on the index selection consists mainly of corporate profitability, solvency ability, management capability and the ability to grow these four aspects, the use of SPSS software for logistic regression analysis the relevant data of listed construction companies empirical analysis to investigate the current financing of listed companies preference and problems, and put forward constructive direction and optimization measures. In this thesis, specifically the extent possible, taking into account the above "tunneling" and "thirst misappropriating" the existence of two major paradox, for these two problems have also been described in points. This not only optimize the capital structure above has provided theoretical basis, but also has a strong practical significance to teach and guide for the financing of listed companies selectivity issues and the promotion of equity markets and the balanced development of the bond market, and promote China deep level, multi-angle positioning of the financial markets created.This study will combine accounting, statistics, finance and management science theories supporting research, theoretical analysis of the qualitative aspects of this study has a good effect. This research can provide the relevant administrative departments and investors to provide a reference value and evaluation methods.