Study On Financing Structure Of Private Listed Company In China

For over 20 years, the private enterprise has already obtained the considerable development in our country, and has made the tremendous contribution for our country's national economy development .In recent years, with the promotion of the market economy of our country; the private economic role in national economy is outstanding day by day. The numerous enterprises run by the local people become a member of the security market in the way that buy the shell, borrows the shell or issues directly. The private listed companies become a remarkable part in security market. So the research of private listed company's corporate governance has been a virgin land not developed yet. Nevertheless, at present, with keen consciousness of trapping money and thinking much of raising capital but little of utilizing, private listed companies seriously affects their quality, so it is urge to systemically study their financing structure, and discuss the approach to regulating theirs.It is discussed the course of the influential factors of financing structure in microcosmic and macroscopically environments, and made a research on the characteristic of the influence factors and business performance of the private listed company's financing structure. The empirical result shows: the influential factors of financing structure of the private listed companies mainly include equity aggregation, business performance, company scale, company growth and etc. Company scale and financing structure are positive correlation; equity aggregation, business performance, company growth and financing structure are negative correlation. Finding through the empirical test: the ways, which reduce the asset-liabilities rate, enhance the long debt rate timing and improve the stock right concentration degree at present, can improve the business performance of the private listed company.Regarding the financing structure of the private listed companies as the research object, the dissertation analyzes the influence factors of the private listed company's financing structure and it's in an all-round way but systematically. On the privatization theoretical research, the dissertation offers a brand-new aspect for research of private economy.