Research On The Refinancing Preference Of Listed Companies In Southwest China

Refinancing is a key to promote the development of enterprises,so China's securities market has been working for many years to cultivate a variety of refinancing methods in financing system.But there may be refinancing preference when the listed companies refinancing,which is the company will choose one financing method in most case and ignore others.This paper is based on the systematic review of the domestic and foreign papers,define the refinancing include equity refinancing and debt refinancing.The paper collects the refinancing data of listed companies in southwest china,to analyze the refinancing status and methods from 2005 to 2015,It is not only study refinancing preference of various industries in each province,but also study overall condition in southwest china,and found listed companies have more prefer to equity refinancing,which is deviate from the Pecking Order Theory.Furthermore,research found that diversification of financing is more effective for the company's performance and regional development.The empirical analysis choose 222 listed companies in Southwest China as samples,and take Malmquist index and DEA with the total amount of equity refinancing,the total amount of debt refinancing and shareholder equity as input variables,with the EBITDA and total market capitalization as output variables,to analyze the impact of Refinancing Preference on corporate operating efficiency from all southwest and also from different industries,different regions.Then get the conclusion that the efficiency of debt refinancing is better than equity refinancing.Last,this paper summarizes the causes of the refinancing preference,and puts forward some suggestions on the aspects of policy and ownership structure to solve the problems in listed companies refinancing process.