Research On The Impact Of Growth Opportunities And Pricing Errors On Corporate Financing Strategies

Along with the formation and development of China's capital market,the market for control of listed companies has gradually developed.The split share structure reform started in 2005 has profoundly changed the operational basis of China's capital market;and the discussion and research on the relationship between the refinancing decision of listed companies and their most intuitive indicators,stock prices,has certain theoretical and practical significance.According to the development history and current realistic conditions of listed companies' financing methods,this paper analyzes the impact of growth opportunities and pricing errors on listed companies' financing strategies from both theoretical and empirical perspectives.The full text is divided into five chapters.The first chapter is the theoretical analysis part of this paper.It mainly analyzes the behavioral finance theory and information economics theory involved in this paper,summarizes its research and development context,main viewpoints and ideas and its research on financing decision-making.The second chapter is a systematic review of the development history and characteristics of the various financing methods of listed companies since the existence of listed companies in China.From the emergence of listed companies in China,the development model of the entire financing method has been compiled.It summarizes the principles and regulations of various financing methods and the restrictions on the use of funds,and shows thecurrent financing system in China's capital market.It provides a targeted research method for the empirical research done below.In the third chapter,the paper discusses the growth opportunities,pricing bias and the influence mechanism of listed company management's financing strategy and puts forward the hypothesis of this paper.The fourth chapter discusses the theory.Empirical test,select external equity growth rate,credit growth rate,long-term and short-term credit growth rate as explanatory variables,growth opportunity factor and pricing bias factor as explanatory variables,capital structure,financing constraints,company size,company cash flow The monetary return and the sales growth rate are the panel regressions of the fixed effects of the control variables and preliminarily verify that the growth opportunities and pricing bias will have a positive impact on the company's financing strategies.The fifth chapter is the conclusion of the full text and the management of listed companies.Layer and advice from investors in the capital market.