Debt Financing Of Listed Companies In China Empirical Study

There is much research about Debt financing in the financial theoretical field at present, and different views have been presented by a lot of scholars. But our country's capital market is still imperfect, and there are many complex influence factors of debt financing. So, how to analyze and utilize the factors and raise capital market efficiency has become more important for enterprises.The current researches on influence factors of debt financing are mainly focused on single element. Or only analyze enterprises' financial indexes excluding the capital market. To study the influence factors of debt financing, we should pay attention to both enterprises' financial indexes and the capital market.The approach of research includes empirical analysis, joining with normative analysis. On the basis of the theoretical analysis, this paper analyses the relevance between Cash flow from operating activities, Tobin's Q, size, ROE, Growth Rate, Liquidity Ratio and Leverage Ratio. According to the analysis, the suggestions of optimizing debt financing are presented.This paper is composed of seven sections:Section one: Preface. This section mainly introduces the significance of research about debt financing.Section two: This section mainly introduces the current situation of research both at home and abroad.Section there: Theoretical analyses of financing. This paper is based on the theory of capital structure, agency theory, pecking order theory, single theory, and so on.Section four: Empirical analyses of influence factors of debt financing. This paper selects public corporations of Shanghai Stock Exchange as samples (set Special Treatment public corporations aside), which are listed before December 31, 2002. By the empirical analyses, we get the conclusion that the main influence factors of debt financing are Growth Rate, ROE and Cash flow from operating activities.Section five: Conclusion. The main influence factors of debt financing are Growth Rate, ROE and Cash flow from operating activities. And Tobin's Q, size and...