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Enterprise’s development is inseparable from the capital, rely on its own funds cannot meet the needs of enterprise development, also can make the enterprise value maximization. Therefore, an inevitable choice of an enterprise who want to expand and development fuetherly is financing, but in modern social, financing channels become diversificational, the choice of financing for enterprises is becoming more and more important. Many scholars also have a profound·understanding about this point, quite a number of scholars who come form home and abroad studied different financing ways at different perspectives. on the basis of this, coupled with my own understanding, wrote this paper.In this paper the main meaning have two:one is based on the analysis of the main influencing factors of listed companies financing, draw on the different ways of financing have different influence factors and the direction and size of influence factors are different, so that the listed company according to its own comprehensive factor analysis to select the most suitable financing mode for the development of itself, thereby reducing the cost; the two is, through the model of financing ways influence on business performance undertaking and anglicizing, draw on the influencing of different financing ways on enterprise performance, the choice of financing means service ultimately enterprise performance, so according to the result to the problem, according to financing ways of list companies, budget Enterprise Performance of a company, make more careful choice.In this paper the solution to the problem is combining the theory with empirical test, finally obtained the results of problem solving. This paper is based on the theory of MM theory, pecking order theory, tra Signal transmission theory, the theory of control right, this theories have penetrated into several major areas of corporate governance. The theory part bases on this theories, Listed the actual environment of companies in China is a breakthrough to analysis. In this paper, the background of empirical study is the reality of our country’s financing environment, taking Chinese listed companies as samples, on the basis of theoretical analysis, using the panel data fixed effects model to study on China’s listed companies financing factors which have, and how do these factors influence the listed companies choice financing ways. And then combined with the results of empirical research returned into the theory, sublimation to the reality of our country society. On the basis of the studying financing mode and then establish the model, study the financing effect on firm performance, finally reveals the significance of financing for enterprises, suggested that enterprises should be how to choose the financing way which suits own development, reducing the total cost, improve enterprise performance.In this paper the financing way is divided into four types:internal financing, bank loan. Bond financing and equity financing. Mainly uses the enterprise performance indicators are:economic profit rate, the rate of return on net assets, Tobin’s Q, the rate of assets and liabilities, using the different indicator have different emphases, financing mode on its effects may also have inconsistent results, In this paper, through theoretical analysis and empirical verification conclusion, the main factors effect financing ways of China’s listed companies have:capital structure, financing risk, financing cost, company reputation, liquidity, information symmetry, profitability, the company size, growth opportunities, the volatility of earnings, the nature of enterprise. Different financing ways have different influence factors. From the model’s result of financing ways Influence on enterprise performance looking, no matter what kind of performance indicators, bank loans and corporate performance is significant negative correlation significantly, namely bank loan is high, company performance is poor. When the Tobin’s Q value and economic profit rate measure the business performance, the Influence of bond financing to performance is significantly positive. In a certain extent, bond financing can promote the improvement of enterprise performance. The effect of equity financing to net assets income rate and Tobin’s Q valuet are both significantly positive, and to the economic profit rate is significantly negative relationship. To a certain extent, the effect of equity financing to performance is positive. The effect of endogenous financing to performance is the negative.In this paper,the Innovation mainly is two points. One is the bank loans separated from the bond financing, establish of separate model, study the influence factors and its impact on corporate performance. The two is from the angle of financial cost calculated for different period and different listed companies’internal financing, and studying the influencing factors and the impact on corporate performance. Of course, due to the limited level, there are inadequate, the pity is that some relatively important factors so far found no specific quantification method, model methods while not commonly used but not innovation.
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