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Analysis of the Financing Preference of Chinese Enterprises

Author: ZhangYuanShui
Tutor: LuoFuKai
School: Ocean University of China
Course: Business Administration
Keywords: financing preferences claims financing financing costs the expected profit the company management structure
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 807
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Abstract


Myers famous sequence financing new theory (Pecking ordertheory) that the financing of enterprises, the order is the source of financing, debt financing, equity financing is final. Corporate finance practice in developed countries to support this conclusion. China, however, many economists of the listed companies in China through the financing structure inspection, they found that exactly the opposite phenomenon, that is, listed companies financing options for decision-making preferences equity financing, debt financing seldom used, the performance of the equity financing for special preferences. In the end of China’s listed companies is not the financing preference equity financing preference? What is the impact of the reasons for China’s listed companies financing options? This paper attempts to study.This study is empirical analysis. This paper attempts to objectively study and analysis of samples of a large number of enterprises starting with information and data, conduct research. In the course of my main use of the data-processing software EXCEL in the multiple regression analysis, we strove to multiple linear regression analysis on the impact of China’s enterprises means of financing a number of variable regression analysis, this number Variables on the financing of enterprises choose the degree of influence.The main to accommodate divided into five chapters. ChapterⅠis the introduction, the main topics that the study of the causes and problems . Review of ChapterⅡ, mainly on the domestic and international corporate finance preference literature was reviewed, while also financing preferences on the basis of the theoretical exposition of the issues to make the assumption. ChapterⅢis the research methods and design, in this chapter focuses on the data and sample selection, variable definition and design, academic vision and ideas of three sections. ChapterⅣof this paper is the core of this Chapter 3, Section 1 of the sample data compilation corporate finance, mainly on the selection of this sample data selection, data samples gave an explanation, but also to do a statistical sample data . SectionⅡdata compilation and design variables, mainly on the paper used by the mathematical model of design variables, as well as mathematical models were introduced. In this paper, using a multiple linear equation: Y = AX1 + BX2 + CX3 + DX4, respectively of financing costs, the corporate governance structure, debt ratios are expected profit on the impact of corporate equity financing, and the four factors on the impact of corporate bond financing. Section III is the financing of sample analysis, regression analysis of the main section of the data, the impact of corporate finance of the four factors, financing costs, the corporate governance structure, debt ratios are expected profit on the financing of enterprises of the impact of the detailed analysis.In this paper, the innovation lies in the fact that through the study found that the listed companies in China①financing preference is financing preference claims, and the bond financing in the side of a bank loan financing.②listed companies claim less than the cost of financing the cost of equity financing.③of expected future profitability of listed companies is the level of financing preferences produced one of the reasons why.④impact on the financing of listed companies are the reasons for the preference of assets and liabilities and projected future rates of return on net assets. Of course this paper, the course of the study had certain limitations.

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