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Research on the Financing Structure and Financing Optimization of the Listed Company in Xinjiang

Author: TangHuiChao
Tutor: TianWen
School: Xinjiang Normal University
Course: Marxist Theory and Ideological and Political Education
Keywords: Listed companies Financing structure Xinjiang
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 444
Quote: 1
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Abstract


Corporate finance structure, also known as the corporate capital structure. It refers to the timing of the investment opportunities, companies need to select the appropriate mode of financing according to their objective function and the revenue cost element constraints, in order to determine the optimal financing structure, so the market value is maximized. This paper uses a theoretical synthesis method, comparative analysis method, empirical analysis and normative analysis method of combining MM and its correction theorem, the trade-off theory, asymmetric information theory, finance, financing structure, the pecking order theory theory research base to listing maximize efficiency of corporate finance and capital markets, resource allocation efficiency as the main line, four a systematic analysis of the financing structure of listed companies in Xinjiang: The first part is to describe the basic principles of the theory of corporate finance structure and its development trajectory, The analysis and comparison of the structural model of the major countries in the world of corporate finance at the same time. The second part is an empirical analysis of the status of the financing structure of listed companies in Xinjiang. The third part is the economic impact of the financing structure of listed companies in Xinjiang. The fourth part of Xinjiang on corporate financing structure optimization suggestions. The main conclusions of this study are: (1) the the modern financing structure theory repeatedly proved: the most developed countries, the financing structure of listed companies and the financing order, corporate finance, is the most reasonable from the point of view of the performance of resource allocation and risk cost minimization structure. Emphasis on internal accumulation financing (2) of listed companies in developed countries, the source of financing dominated most of the financing structure within, supplemented by external financing; financing of listed companies in China but outside source financing mainly, supplemented by endogenous financing. (3) financing order of listed companies in developed countries: the first is internal financing, debt financing, and finally equity financing; financing order of listed companies in China as follows: First, equity financing, followed by bond financing, Finally, internal financing. (4) of listed companies in developed countries outside source of financing the preferred bond financing and equity financing; while China's listed companies outside source of financing in preferred equity financing and bank credit, the small proportion of bond financing. (5) the financing structure of listed companies in Xinjiang in the context of structural convergence of national listed companies financing, also showing a similar financing characteristics, namely: the emphasis on external financing contempt endogenous financing. (6) the external financing of listed companies in Xinjiang, in particular rely on indirect financing, bank credit, accounting for 92% of the total financing, direct financing proportion negligible. (7) of listed companies in Xinjiang Features: Unlike the financing structure of listed companies nationwide tend to equity financing preference, while its short-term debt ratio rose rapidly, and far higher than the national average. (8) in the current financing structure conditions listed companies in Xinjiang's capital allocation efficiency is quite low in micro outstanding performance for the generally poor operating performance of listed companies in Xinjiang

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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