Study On Listed Company's Financing Preference On The Basis Of Pecking-Order Theory

If someone asks, what is the most urgent problem faced in enterprise's development? The person in eight or nine cases out of ten is afraid that will answer : Shortage of the fund! No matter organizational form of enterprise,how big difference it will be business scale, no matter economic benefits of enterprise, what development prospect have different, it is mostly difficult to break away from the shortage predicament of the fund and desire to crave for to the fund for a long time, so, financing becomes the cardinal task that enterprises think. As to listed company, the financing way is varied , such as keeping surplus , bank borrowed money , depreciation , issuing stock , company's bond ,etc. The financing way takes the proportionate relationship of financing total value separately, form financing structure of enterprises, demonstrate the financing of enterprises is had a partiality for , this partiality represents the choice direction to the financing way of listed company of our country.This text regards financing behavior of the listed company as the research object, take " Pecking-Order Theory " as a basis, the financing of listed company of key research has a partiality for the problem. Through the research, this text attempts to answer three following questions: (1)Is financing had a partiality for what kind of the listed company of our country have at present? (2)Why is there such financing to have a partiality for the listed company of our country? (3)According to " Pecking-Order Theory ", from which respect is it is it is it make the listed company of our country realize the maximum of enterprise value to " rectify a deviation " to go on to have a partiality for to listed company financing?In order to answer these questions , an angle that this text has a partiality for from listed company financing systematically, take " Pecking-Order Theory " as a basis to further investigate. The full text has adopted the norm to analyse the research approach of combining with the positive research combines together , qualitative analysis and quantitative analysis and comparing and analysing etc., the main content includes: Chapter one, foreword , this part has defined the main concept of this text; Chapter two on the basis of recommending " Pecking-Order Theory " and other relevant financing theory, have reviewed the relevant documents had a partiality for in financing of listed company of our country; As thread , choose 40 sample Company report datum for 7 years amount to 280 samples with " financing have a partiality for ", analyse , draw the present financing of listed company of our country to have a partiality for from two respects of the norm and real example ; Chapter four such angles as the stock right structure , administration structure andfinancing cost of the listed company ,etc. at present, have analysed that forms the main reason had a partiality for in this financing; Chapter five regard " pecking at " the financing order in the theory as the basic point of departure, from optimize listed company stock right structure and administration structure , develop security market financing channel of widenning and perfect securities market supervision mechanism 3, how is it to improve the profit ability of the listed company of our country, standardize the financing behavior of the listed company, optimize the structure of financing of the listed company, realize maximum of enterprise value and shareholder's wealth are maximized and " rectified a deviation " when the respect. This text takes " Pecking-Order Theory " as a basis for the first time, the financing of the listed company of our country has a partiality for " rectifying a deviation" . While studying why the listed company has a partiality for the financing of other source , do not analyse to the data simply, but put the data analysis conclusion the whole course to development of listed company of our country, thus announce the listed company of our country has a partiality for the institutional origin of financing of other source .