An Empirical Study On The Influence Of Ultimate Controller On Financing Preference Of Listed Company

In our country,most companies have a final actual controller.They control the company firmly through cross-shareholdings or pyramid control chain,but the ultimate controller is not controlling shareholder mostly.It can explain most of unusual problems.Therefore,the study of controlling shareholder is not necessary.At home and abroad,most study of ultimate controller is about of corporate governance and capital structure,and less about of financing preference.This article select the samples based on four consecutive years,2003-2015 manufacturing data of listed companies from a-share,and eliminate the data of impact the results,eventually get effective samples of 13281.It is from two aspects of debt preference or equity financing preference,long-term debt or short-term debt,select two explained variable of asset-liability ratio and long-term debt ratio,separately for regression analysis.It select the four characteristics of ultimate controller as explanatory variables,in enterprise assets scale,profitability,and short-term debt paying ability as control variable,explain two variables to make four assumptions,four regression analysis model is established by correlation and regression analysis.Getting the following conclusions:(1)The more control of the ultimate controller of listed companies,the lower asset-liability ratio,the ultimate control person more restrictions on debt financing,the greater the control,the smaller the ratio of long-term debt,the preference of listed companies on short-term debt.(2)The cash flow rights of ultimate controller,the greater the asset-liability ratio and long-term debt ratio were smaller,companies are more willing to adopt equity financing,the creditor's rights financing,tend to choose short-term debt.(3)Control and the degree of separation of cash flow right,the greater the asset-liability ratio is higher,the more tendencies to equity financing.(4)When the control person nature is state-owned,is more likely to prefer debt financing,debt financing,and further more to the long-term debt.Finally,according to the results of the empirical research,getting summary of the article,putting forward policy suggestions based on the analysis of the influence factors.