| Chinese securities market has 30 plus years of rapid development, and it has made great achievements, but there are also many immature facts, one of which is the financing preference of the listing corporations.Firstly, this paper reviews the literature analysis and the financial theory about financing preference theory of capital structure in the perspective of behavioral finance。 It describes and analyzes the financing preference of Chinese listing Corporation.Secondly, we point out that only when the financing channel is smooth, the financing preference of enterprises can be transformed into the financing behavior and influence capital structure. Thus, we creatively use the development of China’s bond market as the background, with "equity financing/debt financing amount" as the index, observe and screen two industries, whose financing channels more open, as our empirical sample.Then, we select the "equity financing/debts financing" as the explanatory variable, to reflect the listing corporation’s equity financing preference, and use "earnings", "stock exchange rate", "interest rate" as explanatory variables, to interpret the relationship between listing Corporation financing preference and market non rationality and the company selects machine the psychology. We use Eviews 6.0 statistical software to conduct the empirical study based on the data of 1993-2012 listing Corporation. Our study suggests that P/E ratio, stock turnover rate and the treasury bill rate and the equity financing preference of China’s listing Corporation have positive correlation, consistent with our hypothesis, the behavioral finance for listing Corporation financing preference given to certain explanation.Finally, based on our results, we propose strategies of an improved listing Corporation financing decision in the perspectives of several company system construction, the development of the securities market, investor education, encourage listing Corporation financing more reasonable proposals. |
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