Research On Capital Structure And Financing Behavior Of Listed Companies In China

Financing is one of the most important aspects in company's financial management. Similarly, the arrangement of capital structure is the key issue of financial decision-making. Reasonable capital structure will not only be helpful to improve the operation efficiency of company, but also be helpful to optimize allocation of the social assets. After being researched continuously, the theories on the capital structure of the listed corporations in China conflicted with these theories. The listed companies whose capital structure is unreasonable are undergoing the period of system transformation. In view of these issues, the reasons and optimizing their financial structure were systematically studied in this paper.Based on the western theories of corporate capital structure and the characteristics of western corporations' financing mode, this dissertation gives a systematic analysis of the capital structure and financing behavior of China's listed companies. It combines the research methods of theoretical analysis and demonstration to represent the features of our listed companies' capital structure, explore the causes of formation of their financing behavior, An empirical research on the capital structure of the state owned enterprises in our country are conducted using mathematical models. In the end, the dissertation gives relevant suggestions on the issue of optimizing our listed companies capital structure.Capital structure and financing behavior of listed companies are studied in this article and the main contents are presented as follows.Part 1 is the theories on the capital structure and international comparison. It includes chapter 2 and 3. In this part, some theories are described in order to analyze the capital structure of the listed companies in our country, and some international experience are provided for optimizing the structure of capital of listed companies in our country.Part 2 is the characteristic of the capital structure of listed companies in our country. It includes Chapter 4.Part 3 is influence factor of the capital structure decision of listed companies. It includes Chapter 5. Considering the macro-economic state and microcosmic, this part analyzes the surroundings where listed companies finance.Part 4 is demonstration analyze of financing structure and capital structure oflisted company. It includes Chapter 6. Demonstration is the most characteristic. It figures influence factor of financing structure and capital structure of listed companies, and analyzes preliminarily with demonstration method.Part 5 is optimizing the capital structure of listed companies. It includes Chapter 7. It analyzes the reason that capital structure of listed companies is twisted and provides the measures to optimize the capital structure of listed companies.The conclusion of the above analysis is as follows: On a perfect market, the change of capital structure will influence market value of the enterprise. Debt financing, compared with stock ownership financing, is the better choice. Scientific and reasonable financing behavior and capital structure play an important rote in perfecting company governance, and finance system. The present mode of financing is not qualified to optimizing capital structure, but it is the rational choice in regard to the fixed system and market condition. Though the present development of company governance, financing system, capital market is not perfect, and the financing practice cannot reflect the requirement on optimizing capital structure, the change to debt financing will gradually take place with the development and amplification of market economy in China. The financing practice of enterprises will come up to the basic requirements on modern capital structure.