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Study on the Selecting of Financing Opportunities in Our Listed Company

Author: HouMin
Tutor: XuChunLi
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: listed companies Financing Timing The best financing opportunity
CLC: F276.6
Type: Master's thesis
Year: 2009
Downloads: 208
Quote: 0
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The problem what this paper studies is that the listed companies how to choose the financing timing in China. At present, China’s market economy is in particular historical period and it is in transition .They are the historical factors and the stock market in the immature stage of existence who make a lot of deep-rooted structural problems and contradictions. It is half of China’s market is far from strong and effective level of serious information asymmetry, and investors make non-rational investment decision, so that our country shares of listed companies and the emergence of widespread misuse of price preference of listed companies in the equity financing of the situation. In order to solve these problems and contradictions in the country ,our government continues to introduce new policies and systems. At the same time , the introduction of these new policies on China’s capital market has had a major impact. Company managers seize during the current special circumstances with time when they decide the financing choice. However, because of different environment and recognize the differences in the levels of self-management to finance, they will choose different ways about the best financing opportunity. The best time may be very short, it is very difficult to judge the time when the listed companies select the best financing timing. But it is very important and beneficial to those companies who plan to financing. Then it is essential t to study the best financing opportunity. This article bases on the reality of this situation our country and trade-off theory, pecking order theory, market timing theory of the three mainstream finance theory, and researches the problem of financing in our listed companies.The full text is divided into six parts. First of all, we summarized the study of our country and abroad ,then introduced the trade-off theory, pecking order theory and market timing theory. In Chapter III we analysis the situation of the China’s stock market and the reasons ,then we found that the listed companies have financing timing behavior in China. At the same time, the research and analysis through the stock market have found that it is possible that there is the best financing timing in our country .Because there are three main factors, they are the“Days", the "Location" and the "People Harmony". There are many factors which the listed companies need to consider when they select the best time to financing .For example, it is include market conditions, the international environment, financing strategies, as well as quality managers and other macro factors. And it is necessary that the listed companies pay attention to the pass rates, exchange rates, location and other specific factors also. When the listed companies want to finance ,they should analyze and estimate the objective impact of various factors .Finally, this article introduced two cases ,they are the additional shares of Aluminum Corporation of China Limited and listing shares of the China National Petroleum Corporation .Through the introduction of case and comparative analysis, we found that it is necessary to choose the best timing when the listed companies decide to finance ,and the result will be different if they choose different time.

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