The Research Of The Financing Structure Of Listed Companies Based On Factor Intensities

With the rapid development of the capital market, the financing scale of listed companies expands rapidly. So the rationality of the financing structure of listed companies is of great significance for its sustainable development. What’s more, production factors have a great impact on the formation of the financing structure as they are the basic elements of production and operation of the company. Focused on it, this paper studies the impact of factor intensities on the financing structure of listed companies from industrial elements.Based on the data of mainboard, small and medium-sized board and gem listed companiesm, this article will study the relationship between the factor intensity and the financing structure. To study this relationship, we need to do industrial clustering on the listed companies of different stock market Stata. Then, we will make a descriptive statistics ananlysis on the industry financing structure for the capital-intensive industry, technology-intensive industry, labor-intensive industry, capital and technology intensive industry, labor and technology intensive industry from the industry level. On another hand, there will be an empirical ananlysis of the panel data from the enterprise level to the industry financing structure. We got the following conclusions: First, financing structure of listed companies in China has obvious market characteristics. The mainboard market prefers internal financing and debt financing. The SME market prefers internal financing and equity financing. The GEM board market has a strong preference of equity financing. Second, there are significant differences in the financing structure of different industries in the main board market. But the SME market and the GEM market have the similar financing structure of different industries. In other words, the factor intensity has a greater impact on the mainboard companies than on the SME and GEM listed companies. Last, the influence of the factor intensity on financing structure of listed companies is mainly caused by the impact of financing costs,financial risks and operational risks.Above all, this paper reveals the characteristics of financing structure of listed companies on mainboard, SEM, GEM market, especially reveals the characteristics of different industies. So we can see more clearly about the financing structure of listed companies in China. Then, we can do more to improve it and promote the development of listing corporation.