The Research On External Financing And Operating Performance Of Listed Company

With the channels of external financing are diversified, it is more difficult for firms to make choices on financing, and the choice of financing will influence the operating performance directly. So, the essay uses listed companies as the research subject to investigate the relationship between external financing and operating performance. Hoping it can give a reference for listed companies in the process of external financing by studying the coefficients on external financing and the firm's previous and future performance.First, the author reviews the theory and empirical research literatures on the relationship between external financing and operating performance, and sums up them briefly. Secondly, we enduce the inherent relationship among financing structure, corporate values and management structure, in order to provide a theoretical basis for explaining how the financing structure influences operating performance. Next, we analyse the characters and its cause of the external financing of listed companies in our country, and describe the actuality of the using of financing fund. On this basis, we sample for the shanghai stock exchange listed companies, and empirically investigate financing-performance linkages both in the type and fund using of financing. The empirical results show the operating performance is negatively related to the net external financing, and there are discrepancies with different types of financing related to the operating performance. Moreover, the duration of affection which different types of financing affect the operating performance is different. At the same time, the financing fund that used for new investment in net operating assets or retained as cash in company has a negtive relationship with operating performance. If the financing fund used for current cost which back into the company with profit directly can improve the performance of company. Finally, the author aims at the character of external financing and its cause in our country, links with the empirical results, raises a related policy recommendations.