The Demonstration Study Of The Technology-intensive Enterprise's Financing Preference

Financing is an important component in the financial administration of corporation, the different financing way takes the proportionate relationship of financing total value separately form financing structure of enterprises ,and that has important influence on the development of corporation. Especially with the world the variety of the economic structure and form ,the our country's economy is be placed inning from the labor intensive type conversion of direction technique of intensive type .The fast development of the capital market of our country, the listed corporation increases year by year, and is occupying more and more important position in national economy. Their financing way or financing behavior not merely influence the long-term development of corporation, influence the sound development of the capital market too .So study the financing behavior of the listed corporation on intensive type business enterprise of technique, discover the problem of its existence, find out its source, for standardize financing behavior of listed corporation, promote long-term development and sound development of our country technique the health development of the intensive type property and capital market its have important realistic meaning extremely. This paper is just based on above consideration, regarding the financing behavior and financing preference of the listed company of intensive type business enterprise of technique as the theme of studying.This text regards financing behavior of the listed company of intensive type business enterprise of technique as the research object, take west financing theory as a basis, the financing of intensive type business enterprise of technique listed company of key research has a partiality for the problem. Through the research, this text attempts to answer three following questions: (1)Is financing had a partiality for what kind of the listed company of our country have at present? (2)Why is there such financing to have a partiality for the listed company of our country? (3)According to west financing theory, from which respect is it is it is it make the listed company of our country realize the maximum of enterprise value to"rectify a deviation"to go on to have a partiality for to listed company financing?In order to answer these questions, an angle that this text has a partiality for from listed company financing systematically, take west financing theory as a basis to further investigate. The full text has adopted the norm to analyze the research approach of combining with the positive research combines together, qualitative analysis and quantitative analysis and comparing and analyzing etc.According to the analysis of the reasons of equity financing preference, we know that the preference phenomenon is a rational choice of intensive type business enterprise of technique the listed company and control shareholders and managers. As we analyze in the paper, at present, the listed companies of our country has a preference of equity financing that is also a rational decision when the behavior bodies, such as the listed companies, the control shareholders (esp. forbidden circulation shareholders) and the managers, face with cheap equity financing cost, low efficient corporate governance structure and capital market.