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Correlation of the State Ownership and Financing Methods

Author: ChengXiao
Tutor: BaiJun
School: Shihezi University
Course: Accounting
Keywords: Financing methods State-owned shares Ultimate controller
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 64
Quote: 0
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Abstract


Financing of listed companies to choose reasonable or not will not only finance the validity of an impact , it has a broader impact . For listed companies , listed companies financing options is reasonable or not , will affect the improvement of the quality of listed companies . From the macro level of social , listed companies financing options is reasonable or not will affect the validity of the allocation of resources . The study found that the financing behavior of listed companies in China , listed companies have a very strong preference for equity financing , have brought a variety of adverse effects to listed companies and the whole capital market . In the context of our unique system , the state-controlled listed companies account for most of the listed companies , their financing options feature largely reflects the overall situation of the enterprises in China's securities market . Therefore , the current systematic analysis of the state holding listed companies financing options combined with the actual situation in China , the great theoretical and practical significance for improving the governance of state-owned holding listed companies , to promote the state-owned assets . In this paper, the Shanghai and Shenzhen two listed companies six years of data for samples from the ultimate control over perspective , the separation of the two rights , and the government of the state - owned controlling shareholder level as the main explanatory variable to the nature of the ultimate controller , the state-owned shares on empirical research debt financing , equity financing and financing of endogenous , the main conclusions : first, the state-controlled listed companies with significant differences in financing behavior of non - state-owned holding listed companies . Compared with the non- state-owned holding listed companies , state-owned listed companies have a higher rate of debt financing ; no significant differences both equity financing rate ; the endogenous financing rate of the state - owned listed companies is lower than the non - state-owned listed companies . Second , the state-controlled listed companies and non - state-owned holding listed companies , the degree of separation of ownership and the existence of the debt financing rate significantly positive correlation , a negative correlation between the presence of endogenous financing and equity financing rate and rate . Third , the state-controlled listed companies , listed companies controlled by the local government , central government control of listed companies with lower debt financing rate and the higher rate of equity financing , listed companies controlled by the central government and local governments the source financing rate control of listed companies was no significant difference .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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