Study On The Agent Utility Function From The Perspective Of Equity Financing Perference Based On Listing Corporation

Due to the introduction of China’s economic and social reform continues to deepen and “OBAOR” Economic stimulus plan, the capital market was ignited again. Many companies have chosen to aproval the trial SFC IPO projects, to raise funds for its development. Has been, due to China’s securities market supervision mechanism is not perfect, corporate governance mechanism is unreasonable so Chinese listed companies prefer equity financing, this has greater access from the West generally accepted "pecking order theory".According to the theory, the enterprise should choose the lowest cost of financing debt financing, rather than equity financing, in our country, the "abnormal" phenomenon caused a large number of scholars discussed. In 2006, China’s equity division reform break the suffering from scholars criticized the "non tradable shares" phenomenon, so after this landmark initiatives in China listed companies financing a new development. Therefore, comparison of corporate equity divided structure before and after, the reform of the financing mode of our country management assessment reform program, to develop new reform measures have important theoretical and practical significance.In previous studies, most of the scholars studied from the perspective of shareholders or owners of the company, to the way of corporate financing, In consideration of the agent layer decision-making, this paper from the perspective of utility agent layer, the controversial in China " equity financing preference" phenomenon as the research objects, refers a large number of domestic and foreign literature, financing theory, principal agent theory as basic researches. By selecting some A-share listed companies as the research subject, the reform of non tradable shares for the node, our country listed company before and after the share reform of financing for comparative study. This paper constructs the utility model before and after the reform of the agent layer by starting from the basic principle of economics, management science, from the theoretical study of the change of the listing Corporation before and after the share reform of the mode of financing, and verified by empirical model, from the theoretical and empirical model of the relevant conclusions, and to put forward the policy suggestions for China’s equity financing preference.The research results show:(1) Listing Corporation in China overall has obvious preference of equity financing.(2) The reform of non tradable shares of listing Corporation in China’s equity financing preference has obvious improvement effect.(3) Starting from the agent utility perspective, agent layer has sufficient power to choose different ways of financing.(4) The amount of financing and the agent layer of financing risk aversion coefficient R and the degree of effort K on enterprise financing choice plays a decisive role after the share reform.(5) Firm size and grow has a significant correlation on the equity financing preference of listed companies, the former has a significant negative correlation, the latter has significant positive correlation. In conclusion,(4) is the extension of the previous research, in previous studies, scholars often regarded as general agent cost influence corporate financing, and they are not pay their attention to the effect of the amount of financing of corporate financing, but the theoretical model in this paper has shown that they are important factors what can affect the enterprise financing after the reform. According to the research conclusion, the national macro policy, agent market mechanism, corporate governance structure from the aspects of proposed recommendations, as the country and the enterprises to make decisions related to reference.