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Research on Financing Preference of Listed Companies in China

Author: FengQing
Tutor: WuYanLong
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: Pecking Order Financing preference Financing structure Equity financing Debt financing
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 384
Quote: 0
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Abstract


For listed companies, the financing options are many and varied, such as retained earnings, bank borrowings, depreciation, issuance of stock, corporate bonds. The these financing accounted for a proportion of the total financing relationship, constitutes a financing structure, and show business financing preferences, preferences represent Chinese listed companies financing options. Listed companies in China are mainly dependent on the mode of financing external financing, showing strong preferences for equity financing, with the Western point of view of the theory of corporate finance, this excessive equity financing will lead to inefficient resource allocation and proven, so equity financing preference-based research is becoming the focus of attention of the majority of scholars. The article mainly uses a combination of normative analysis and empirical research, to conduct a study on the financing preference of listed companies. First of all, in the second chapter of the financing preference theory recalled from early MM theory, agency cost trade-off theory to theory, signaling theory and the pecking order theory and the theory of control over, and on this field of research. summarized evaluation. To explore the specific performance of the financing preference of China's listed companies, in the third chapter of the next, the first overview of the changes in corporate financing, financing of the period of market economy has been developing to that experienced during the transition period from a planned economy period, at the same time Chinese listed companies in the overall financing structure of the industry and a statistical description. Subsequent Chapter selected for the study, collected a total of 54 companies qualified as a sample angle from the equity financing preference study involved in the issuance or allotment A-share listed companies in Shenzhen and Shanghai, including company size, income tax, capital structure, profitability, bankruptcy risk, non-debt tax shield, agency costs, growth, mortgage asset value of outstanding shares of state-owned shares and other aspects of analysis, examines the factors that affect the equity financing preference of listed companies in China. Chapter to further explore the to why Chinese listed companies appear significant equity financing preference phenomenon, the phenomenon which negatively affect the development of China's listed companies and capital markets. Finally, on how to govern the financing preference of China's listed companies raised a number of recommendations for improvement, in order to better improve China's securities market.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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