The Impact Of Listed Company Equity Financing On The Upgrating Of The Industrial Structure

The problem of industrial structural optimization has always been the research focus in our country, there are more and more domestic scholar pay attention on it after the financial crisis, and it has been proposed as the reform goal in the future on the eighteenth National People’s Congress. The eighteenth National People’s Congress put the focus of reform on perfecting marketing mechanism, our country’s stock market is the core areas of the capital market, great wealth from the whole social gathered there, if we can apply this wealth to the industrial structure optimization, healthy and sustained economic development could soon be an reality.The purpose of this paper is to study equity financing of listed company in our country from the perspective of industrial structure, to analyze weather the equity financing, IPO and refinancing would help the industrial structure to be better, and what are the problems. In this paper we firstly studied the relevance between equity financing and industrial structure with descriptive statistical method and gray relative analysis method, then a VECM about the influence of equity financing between industrial structure was established according to the data from 1991 to 2003, at last, we analysed the effect of IPO and refinancing on the industrial strcture separately, the conclusions of paper have guiding significance for our economic development and may be used for reference in future direction of our reform.There are five chapters I this paper:The first chapter introduced the background and the research significance of the subject, giving the idea and the framework for the writing, pointing out the main creation of the article.Chapter Two is literature review. In this chapter we summarized related articles from content and approach two aspects. The first part introduces the research content, including the relationship between the capital market and the industrial structure and the relationship between the stock market and the industrial structure. The second part is the summary of empirical approach had been used by scholars, including descriptive statistical analysis, linear regression analysis, VAR, VECM and panel data model, to make preparations for the following chapter.The third chapter analyzes the correlation of industrial structure and listed company’s equity financing in China. Firstly, on the basis of analyzing the current industrial structure in china, the paper compares the proportion of three industries and economic development between China and America, and find out the deficiency of industrial structure development in our country. Secondly, the paper counts the number of financial listed companies、the number of their financing and financing scale from 2002 to 2013 in China, and then analyzes them. Finally, Grey Correlation Analysis was adopted to analyze the correlation coefficient between industrial structure and equity financing, debt financing and credit financing respectively. According to the comparison results, the equity financing has greater correlation with industrial structure.The fourth chapter uses the equity financing data from 1991 to 2013 in China and chooses the indexes such as rate of the industrial structure optimization、rate of the third industry optimization and equity financing rate to constructs the VEC model. The paper examines the long-term impact of the equity financing rates to industrial structure by the model, and then analyzes deeply the impact of IPO and refinancing to industrial structure, which components of equity financing. In order to improve the real time and accuracy of model, the primary subject of this chapter is to(1) employ PCA to do the dimension-reduction to reduce the number of variables in the VEC model before the model was constructed,(2) to compare the regression results between lag data and original data in order to examine whether equity financing has lag effect.The fifth chapter, on the basis of former chapters in this paper, the main conclusions is summarized, and suggestions for future work are given.