Factors Influencing Capital Structure And Equity Financing Preference Of Listed Companies

At present,China's economic development has entered a new stage,and the economic policy of reducing leverage is advancing steadily.Therefore,the research on the capital structure of enterprises is conducive to the national macro-control and the long-term development of enterprises.In China's capital market,it shows the characteristics of equity financing preference.In this context,this paper mainly studies the impact of external financing constraints and agency costs on the capital structure,and studies whether agency costs will lead to the preference behavior of corporate equity financing.System is the external restriction and regulation on enterprises,and it is the influencing factor of enterprise capital structure.Compared with other capitalist countries,Chinese enterprises have very significant characteristics of the ownership structure,at the same time,the development of China's bond market is relatively lagging behind,and the formation of investors' subjective behavior preference.A certain degree of financing constraints can ensure the orderly progress of the capital market,but excessive financing constraints or misdirected financing constraints will make enterprises have adverse selection and deviate from the expected results of the country,which is an invalid financing constraint.Therefore,it is necessary to investigate whether the overall external financing constraints faced by enterprises are effective and whether the financing methods acting on enterprises are consistent with the national policy expectations.The research results can provide an important reference for the country to judge the further policy direction and intensity.At the same time,equity financing preference of enterprises will lead to the failure of effective allocation of market resources.If such financing behavior exists,it will also hinder the effective implementation of policies.Some studies have proved that "internal controller" is an important reason for equity financing preference.On this basis,this paper analyzes the impact of external financing constraints and agencycosts on the capital structure of enterprises,and explores whether agency costs really have an impact on equity financing preference.This paper analyzes the general situation of equity and debt financing in China's capital market and the capital structure of listed companies.This paper makes a theoretical and empirical analysis of the impact of external financing constraints and agency costs on corporate capital structure in China.For empirical aspects this paper selected the 3439 China's a-share listed non-financial companies as samples,and the experience of other scholars research based on previous literature,adopted in2006-2017 in debt,assets,income and market value and other related financial statement information,concluded in this paper,the author studies on related to the variable data,by using the panel model,empirically by Stata statistical software processing is completed,related enterprises and to study the effect of factors on the capital structure.The asset-liability ratio is taken as the measurement variable of the capital structure,the external financing constraint is measured by the z-value,and the agency cost is measured by the management expense ratio.The empirical results show that: the greater the degree of external financing constraints,the higher the enterprise asset-liability ratio.The higher the agency cost,the lower the asset-liability ratio.At the same time,it also proves that agency cost causes the existence of equity financing preference and corporate equity financing preference behavior.The research in this paper is conducive to the country's adjustment of financing policies according to the actual situation,enriching enterprises' choice of financing methods,optimizing the corporate governance structure,promoting the development of the securities market and the balance of the capital market.