The Research On The Influential Factors Of The Refinancing Cost About Listed Companies In China

Equity refinancing is one of the most widely used financing methods of listed companies in China in recent years.In order to ensure the long-term sound development of enterprises,capital market is needed to meet the financing gap of enterprises.Therefore,studies the influence factors of equity refinancing costs,and can effectively reduce the cost of enterprise development,the optimization of capital structure in the long run,and promote enterprise long-term development has very important significance.This article,through the method of combination of theory and empirical analysis,studies the influence factors of equity refinancing costs and affect the cost of equity refinancing,the mechanism of the equity refinancing of listed companies in China status were analyzed,and find the path to improve our country enterprise efficient financing.In this paper,the research on the basis of theoretical research at home and abroad,give full consideration to the particularity of the capital market in our country,delving into specific mechanism,affect the cost of equity refinancing in China discovered missing point in the research at home and abroad,study and put forward the ways to decrease the cost of equity refinancing,when making equity refinancing decisions for the company to provide more meaningful and practical basis,improve the efficiency of the company's financing,consummates our country capital market operation mechanism.In terms of equity refinancing cost measurement model selection using PEG theory model,this article from the state-owned shareholding,financial crisis,business performance,taxation,company's reputation,regional economic environment six aspects to consider the influence factors of equity refinancing costs.In terms of data selection,this paper selects 516 listed companies that have made equity refinancing in2016,and analyzes the corresponding explanatory variables by using multiple linear regression methods.The results show that the state-owned shareholding ratio is negatively correlated with the cost of equity refinancing.The risk of financial crisis is related to the cost of equity refinancing.The operating performance is negatively correlated with the cost of equity refinancing;The income tax rate is positively correlated with the cost of equity refinancing.The better the company's reputation,the lower the cost of equity refinancing;The better the regional economic environment,the lower the cost of equity refinancing.