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Empirical Analysis on the Relationship Between Alternation of Destination of the Financing Capital in Listed Companies and Corporation Governance

Author: HanXiangYu
Tutor: WangZhenShan
School: Dongbei University of Finance
Course: Finance
Keywords: Raise change Corporate Governance Ownership Concentration Board of directors
CLC: F276.6
Type: Master's thesis
Year: 2010
Downloads: 174
Quote: 0
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Abstract


One of the important functions of the capital market is to optimize the allocation of resources, so that enterprises can be obtained through the capital market development funds. Many listed companies through refinancing opportunities for sustainable development in recent years, however, the number of listed companies in the successful fund-raising randomly change to raise funds to invest. Many listed companies in order to \Listed companies the changes raise funds to invest in, directly affect the efficiency of the securities market. Efficient allocation of resources to provide funds to the genuine needs of listed companies and projects that can really create value. However, some companies blindly \The same time, such a large area, the behavior of large-scale changes to raise funds to invest seriously infringed upon the interests of small investors, and dampen their enthusiasm for investment, affecting the stability and long-term healthy development of China's securities market, these problems also caused the securities regulatory authorities, economists, and the widespread concern of all parties concerned. In this as the background, using the combination of theoretical analysis and empirical testing methods, elaborate theory based on the application of objective data on China's listed companies to raise funds to change the status quo and characteristics of the theoretical analysis and descriptive statistics, raise funds to invest in the relationship between the empirical test of changes and corporate governance. In this paper, the impact Financing Capital on the basis of the empirical test, relevant policy recommendations. This paper discussed the following: First, the existing home and abroad to raise funds to invest in the changes as well as the theory of corporate governance research literature comprehensive sort, in order to establish the theoretical basis of this thesis. Secondly, descriptive statistics of China's listed companies to raise funds to change the status quo, characteristics, and an empirical test to raise funds to invest in the relationship between change and corporate governance. Article Turnover Factors raise funds to invest further in-depth analysis. Finally, the foregoing summary, given the policy recommendations to improve the corporate governance of listed companies. This paper empirical research conclusions: changes listed company assets scale and to raise funds to invest significantly negatively correlated; listed company assets liabilities rate and to raise funds to invest in changes did not significantly with the correlation; Herfindahl index and to raise funds to invest in change was significant with a positive correlation between ; largest shareholder stake to raise funds to invest in the relationship no significant change; percentage ratio of the top two shareholders, the stake of the largest shareholder with two to five shareholders stake than with raising funds to invest in change does not present a significant relevant relationship; Board of Directors of scale and to raise funds to invest in change significantly with negative correlation; proportion of independent directors and to raise funds to invest in change significantly with negative correlation; Board of Supervisors of scale and to raise funds to invest in change is negatively correlated, but the relationship is not significant with; of the Directors the explanatory variables of the long academic point of view, the chairman of qualifications for the undergraduate, master's company raise funds to invest in the possibility of change occurred significantly less than the chairman of qualifications for college company; chairman of the education the company of Dr. raise funds to invest in change possibility than the qualifications of the chairman of the board for college company to raise funds to invest in the possibility of change to be small, but this trend was not significant. This article considers: the size of the assets of the listed company, the Herfindahl index, board size, the proportion of independent directors and the chairman of qualifications listed companies to raise funds to invest in change. In order to reduce the phenomenon of Financing Capital, to improve the level of corporate governance of listed companies should be improved from the following aspects: First, to optimize the equity structure of listed companies appropriate restriction Ownership Concentration, to reduce the impact of large shareholders in financing the investment process and enhance small the level of shareholder participation in corporate governance, and regulate the behavior of the major shareholders. Secondly, the optimization of the structure of the Board, a moderate expansion of the independent directors' proportion of the size of the board and the board of directors. Finally, to improve the role of the board of supervisors, and give full play to its supervision mechanism. The results of this research to strengthen the supervision of management, improve the corporate governance structure, effectively prevent listed companies to raise funds change the reference.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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