Impact Factor Analysis Of A Shares Non-financial Listed Companies Refinancing

Chinese capital market has been established for 20 years. Overall speaking, the direction is correct, and it made a great contribution to the Chinese economic achievements in recent years. But compare with developed market, China's securities market is still not mature. In developed market, the listed company always comply with pecking order theory to make their refinancing decision, which is in accordance with order from “endogenous financing” to “exogenous financing”, and prefer the debt financing than equity financing in exogenous financing. The studies made by Chinese scholars pointed out that China's listed companies do not meet the pecking order theory, and the reasons have been discussed. Refinancing of listed companies is a key function of capital market, and it becomes a hot topic in academic research recently. The analysis on impact factors of refinancing would not only help the listed companies to make a better refinance decisions, but also help to explore the weakness of Chinese capital market.In this paper, the sample test analysis is being made based on the existing theories. And the refinancing weaknesses exiting in the capital market are discussed. Additionally, an empirical analysis of the refinancing preference factors are tested. The comments and suggestion on the capital market are brought out according to the study.