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Along with the reform and opening in China and in depth, the emergence of the process of China’s socialist market system is gradually perfect, make our country’s modern capital market to construct, the number of listed companies is growing, and involved in the economy more and more wide range, has become a modern national economy in our country the important elements. China’s capital market so far have been through for nearly 20 years of development, has obtained some achievements, but the listed company faces many problems to be solved, including the listed company to meet demand in the process of financing encounters the problem of choice. From China’s capital market, set up at the beginning of the listed company’s equity financing preference has been formed, this paper is to mature modern capital structure theory as a foundation, combined with the reality of China’s capital market, to our country to be listed’s financing preference for object, using a senior scholar’s results, with use quantitative analysis and normative research, chapter five points of the listed company financing preference on the system in-depth analysis and research.In this paper firstly corporate finance and finance from the preference are introduced, through the research of preference of corporate finance, analysis of the impact of the financing structure on corporate governance structure, and in different governance structure different financing options of listed companies. On this basis, in this paper our analysis and the characteristics of financing preference of listed companies are summarized, the focus of our analysis at this stage is the company’s overall financial situation, finding gap between the financing of China’s listed companies tend and the modern Western and traditional financing theory, which summed up China’s listed companies with equity financing preferences of this argument. In order to get research findings, in this article from both internal and external point of China’s listed companies in depth the existence of deep-seated preference for equity financing reasons is explored. It is argued that internal factors, including corporate identity and corporate governance factors, which control the people leading the main internal reasons; In addition, in the paper it is argued that external factors, including differences in financing costs and bond market development, at this stage the characteristics of these external factors China’s listed companies, the existence of preferred equity financing played a contributory role. Based on the above analysis, in this paper a preference for equity financing which has the inefficient allocation of social resources is described, corporate governance structure of the negative effects of long-term growth and damage to binding corporate interests of investors and many other adverse effects. And for China’s listed companies tend to issue equity financing, the solution with some useful ideas is put forward.This paper attempts to study the above analysis, the hope for listed companies in China and the development of the theory of financing provide certain nutrients, at the same time for China’s listed companies and financing decisions and financing policies to provide the theory basis and the practical guidance.
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