Reaserch Of Listed Companies In China On Financing Behevior

Financing is an important component of the modern enterprise financial decision making. Company's financing tactics decide its financing structure, which has a critical influence on company's financing costs, market value and corporate governance. The strong preference for stock financing has been an important subject matter of Chinese listed companies.This paper divides the listed companies into two types which are private enterprise and state owned enterprise by the type of the controlling shareholders. The paper attempts to analyze the financing behavior of the two type listed companies by the behavior financing theory. Research the difference of financing behavior of the two type listed companies, and then give some suggests for financing.This paper found the private enterprise and state owned enterprise has different preferences for equity financing empirically study by the market timing theory. Then analyze the reasons took the advantage of prospect theory and overoptimistic and overconfidence theory.After the reform of non-tradable shares, capital market entered a blooming times with many new financing channels. In the full circulation market, the financing behavior will be more and more reasonable, the financing strategies and financing idea will change, and the financing structure will be optimized.It's a problem worth discussing that how the private enterprise and state owned enterprise make the choice of financing ways.