| Under the mode of planned economy, there is no true enterprise, funds are allocated by public finance and banks supply some low interest loan to enterprises. Enterprise has no right of financing. What's more, capital markets are not open at that time and fund sources are rare. All these make enterprises lose the independence of choosing financing method and exterior financing environment. Therefore, enterprise-financing problems are unimportant and it is not worth of research at that time.At the end of 1990s, under the support of the government, more and more state-owned enterprises (SOEs) issued stocks through capital market. SOEs stepped on the way of institution innovation characterized by equity finance and property rights reform. In the last decade, listed companies which come from old SOEs grow very fast, they are pioneers of China's enterprise reform and modern enterprise system building, Their healthy development has great significance to the stable running and persistent increase of national economy, however, equity finance behavior of China's listed companies does not reach the norm. Someone has even written an article named stock market is not a tiger machine to express the righteous anger towards the distortion of china's listed companies' finance equity. This text measured the finance bias and analyzed its reason. At last countermeasures were put forward. This text can be divided into several chapters:Chapter One: Introduction This part gives the essential introduction of the whole research, it includes the topic and background, definition of main concepts, premises and ways of research, review of other's achievement and the article's structure. Chapter Two: History review of Chinese listed company and summary of enterprise finance theories The history of China's stock market and stock company is introduced in the first part. In the latter part, all kinds of finance structure theories are introduced and related evaluation is also given. Cost and risks of listed companies' finance is also analyzed in theory.Chapter Three: Empirical analysis of listed companies' finance bias Firstly, thispart gives a definition of China's listed companies' finance bias, which shows that China's listed companies prefer stock finance stably. Secondly, this article measures the bias of listed companies in detail through datum of rationed shares and dividend payment.Chapter Four: Analysis of reason of finance bias and its effect This part statesthat the direct reason of finance bias is low cost of equity finance, and then some hidden reasons have been uncovered with further analysis. The effect of finance bias is discussed.Chapter Five: Countermeasures suggested This part gives suggestions abouthow to deal with the finance bias and how to distribute funds. |
