A Study On Financing Behavior Of Managers Of Listed Companies In China Base On "Field" Theory

With the sustained upgrading of our country's marketed-oriented economy, capital market has shown unprecedented vigor, but it is still in emerging and transition, and thus bound to lots of problems, which are particularly reflected in listed companies. As the hotspot researched by the current scholars' shows that equity financing preference widely exists in listed companies.If we merely view it as a financial problem, then how to decide the capital structure is an important factor affecting the performance of listed companies' .many scholars are also devoted to research it, but they directly apply the mature western capital structure theory to our real problems in most time and neglect the basic premise of the background. Western capital structure theory are rooted in the mature market economies, in which listed companies can take the initiative and the flexibility to adjust its capital structure without constraints of financing channels and the mode of financing. China, however, is currently still in the process of economic transition, with the systems rapidly changing, the decision of capital structure of the enterprises will show a system feature to a large extent.Financing Behavior can be interpreted a strategy that a company adopt a specific mode of financing in a particular environment, and ultimately form a specific capital structure. In our country's special system, the failure of the right of the board of directors and board of supervisors lead that the managers of listed companies play a decisive role in decision-making in the capital structure. Therefore, by researching the financing behavior of managers of listed companies in China, we can understand their decision-making of the capital structure, and explore the causes of the capital structure decision in listed companies.Based on the "field" theory, this dissertation gives an objective analysis of the evolution of China's financing environment and the related factors of managers of listed companies. This dissertation also puts forward the "capital field" and established its structure composed of the government, the listed companies and the banks. Under the background of transition economic, the government and listed companies have the overlapping interests and roles. By the utility analysis of all parts, as well as the game between government officials and managers of listed companies, this dissertation finally interprets the financing behavior of listed companies.