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Capital Structure and Financing Preference of Chinese Listed Corporations

Author: LiChunYan
Tutor: ZhangJing
School: Beijing University of Chemical Technology
Course: Business management
Keywords: Listed companies Capital Structure Financing Financing preference
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 651
Quote: 1
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Abstract


Corporate capital structure is a cutting-edge theoretical issues of contemporary economics , is also an important issue of the modern enterprise management . Listed companies as a special group of enterprises , representatives of the modern enterprise , a listed company 's capital structure is typical and representative . Based on an understanding of the theory of capital structure , and the differences of the national economic system , countries there are large differences in the choice of the composition of the capital structure and financing , but the theory and practice of Western finance is generally believed that the order of corporate finance for the internal financing than external financing , external financing in the debt financing than equity financing . The capital structure of listed companies in China is characterized by heavy external financing lighter internal financing , heavy equity financing lighter debt financing , showed strong preferences for equity financing . This phenomenon inconsistent with the theory of foreign financing that the special nature of the financing behavior of listed companies in China . This article choose the capital structure and financing preference of listed companies in China to study , the purpose is to explore the deep-seated reasons for this phenomenon . On the basis of summing up the results of previous studies , the paper will affect the financing preference of listed companies in China factors into institutional factors and non- institutional factors , the use of descriptive statistics, correlation analysis and regression analysis of empirical method , using the SPSS statistical analysis software on our the impact factors of the financing preference of listed companies , the empirical research . The study results show that : the fundamental reason lies in the Financing Preference irrational factors of institutional factors , equity design , the degree of perfection of the capital market and the securities market to refinance the system metrics listed companies has significant Chinese listed companies preferred equity financing correlation , not only business growth and profitability , and other factors the metrics listed companies irrational financing preference institutional factors have a significant correlation .

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