Listed Companies In China Equity Financing Behavior Analysis

The decision of financing as an important part in the range of enterprise have an impact on enterprise financing structure directly. An ratioal fiancing decision can minimize the fiancing cost and maximize the rights and interest of shareholder.Especially the listed company as an important role in national economy Whether the financing decision is rational influence not only the enterprise income but also the developent of stock market, even influence the stability of the finance syestem.In Chinese pattern of planned economy, enterprises get funded mainly depending on financial allocation and fewer loans with low interest. After the policy of "transferring allocation into loan" was put into effect, the form of financing was changed from fiscal financing into liability financing. For a long time, simplex financing system and internal financing capacity with low efficiency leads excessive liabilities to state-owed enterprises, which has been a significant aspect obsessing the reform and development of state-owed enterprises.With the reforming of fund supplying system, the forging of capital market and the broadening of financing channel, the financing structrure of equity financing is much more than that of credit financing in the capital structure of listed company , It indicates that listed company's choice of financing approach has an intensive predilection of equity financing and extremely pursues the allocating method of equity expending ,such as scrip issue , which is far from "pecking method " of financing approach in matured market.Theutheory of "economic rational being" holds the contention that, whether as an independent economic body or as the behavior body like shareholder and manager.The listed company makes behavior decisions which are the optimal choices and reactions to the environment restriction. At present, the listed company has a preference of equity financing that is also a rational decision when faced with cheap equity financing cost,low efficient administrative struture and capital market.In this paper, by analyzing the financing structure characteristics of listedcompany ,the author points out that financing behavior of financing originates in softning up property right restriction. Only by broadening structural system and financial system,establishing a set of effective impelling and restricting mechanism on the basis of hardening the external restriction of listed company and by means of recreating company property right system ,can financing behavior of listed company be standardied, which also makes the financing structure optimal.