Empirical Research On The Financial Leverage And Financing Behavior Of Listed Company

Since the 1950s,the research on the corporate financial management is one of the hot issues in the international financial theory field. Since F.Modigliani and M.H.Miller had proposed MM theory as foundation stone of modern capital structure in 1958,Western economists studied in a large amount different angles of financial management problems from tax revenue, bankrupt cost,agency cost and information asymmetry ,etc. and had formed a more complete theory and demonstration method.The capital market of China set up relatively late. The study on company's financing structure is still at the starting stage. With the constant development of the stock market of our country, the listed company has a more and more important impact on social economic life. The rational application of the financial lever, is an important respect of the financial administration of listed company. It has important function in increasing the rights and interests of enterprise and controlling appropriate financial risk,So it has very strong realistic meanings to carry on further investigation on this question. Many scholars have studied on the relationship between financing and financial leverage of the Chinese listed companies according to China's reality in theory and demonstration research. And they have proposed the general state of financing structure and improving suggestions for listed companies in China.Firstly, this thesis analyzes the actuality of the Chinese and foreign academia all-sided about the financial lever and capital structure,and grasps the forward position trends. The second part makes it clear about the main theorem and rule of financial lever and financing,which is the theoretical foundation as this thesis. In the third part, First of all,it has empirical research on collectivity,distribution,trade level and domino effects of financial lever,and analyzes the listed companies of our country's application of the financial lever at present. Then,On the basis of defining the financing concepts,elaborating financing theory and introducing financing system background,this thesis uses statistics analytical methods to reach the conclusions that Chinese listed companies appear scale expanding,regional misdistribution and obvious characteristic in all kinds of fields at present. The four part are focal points of the thesis,relatively appropriate research samples,financial indexes and research approaches are chose in the second part in the thesis,and studying suppose is put forward,in preparation for carrying on the empirical work, which use the sample data to carry on reasoning,calculating and analyzing that is proved,and drawing the conclusion. Then,it verifies the inside and outside factors that influence the financial lever through the way of empirical work. on the basis of this,it explores in carrying on the financial lever optimum and regularly. The final part summarizes the full thesis,puts forward some suggestions,and points out the limitations of the existence in this thesis.The research of this thesis has certain guidance functions to the choice of the financial lever of listed company, and there is sure meaning to the theoretical research of this question for reference.