Study On The Effect On The Value Of Enterprise Financing Structure Of Listed Companies

The company’s capital structure theory has been a hot issue, in 1958, Modiglianiand Miller raised a MM theory that the company’s capital structure has nothing to dowith the company’s market value without transaction cost，tax，no informationasymmetry.Later, many scholars made further development on the MM theory all thetime, and it make theory to fit practice better. MM theory assumption is too restrictive,and the assumption is too ideal. In the fact, the company’s structure is closely relatedto the company’s market value in the real world. The financing structure is the lifelineof the corporate to some extent. With the development of capital market in china, theimportant of methods and structure of financing is becoming more obvious. Enterprisefinancing structure values have an important impact on the enterprise and the articlehas the theoretical and empirical research on this issue. I hope this article has certainsignificance on enterprise financing. As China’s capital market gradually specification,listed companies become progressive specification and financing structures tend torationalize to promote the enterprise to develop in a better direction.This body part is divided into six chapters:The chapter one is introduction. This article mainly introduces the research studyon the background and significance, innovation in research and thesis papers.Enterprise financing structure of development is of great significance to enterprises, toestablish a reasonable financing structure can be effective in promoting the businessvalue of upgrading.The chapter two is capital structure theory and literature review. On capitalstructure theory explained in this chapter is divided into two sections, literaturereview of the literature review of the structure and the domestic foreign capital. Thisliterature review of the foreign capital structure is divided into the early days ofcapital structure theory and the theory and the theory of modern capital structure.The chapter three is influence on enterprise value of the means of financing. Firstfinancing can be divided into internal financing and external financing. Secondspecific analysis of the impact of equity financing on enterprise value descript fromthe following three main areas: equity structure and firm value, ownership concentration and corporate value, growth, equity structure and corporate value of thecompany. Last addressed the impact of debt financing on enterprise value, describesthe impact of indebtedness of enterprise value approach, debt structure and enterprisevalue, growth, debt structure and enterprise value.The chapter fourth is influencing factor analysis of listed company’s enterprisevalue. First introduced the measure includes historical cost method of enterprise value,options, pricing, profit present value method and market valuation method. Part twomainly on influencing factors of enterprise value, including the financing structure,profitability, company size and growth.The chapter is financing structure of listed companies in China and businessvalue: a postitive analysis. Affecting is listed companies to further improve empiricalresearch. In the stage of empirical research, the data is selected from the ShanghaiStock Exchange website, including published annual reports of listed companies, aswell as the annual report of the Shanghai Stock Exchange, data from 2008 to 2010.According to the CSRC’s industrial classification, I select the manufacturing of listedcompanies. Through the further classification , select 38 oil, chemicals, plasticsenterprises as a sample data. By setting the corresponding explanatory variable andexplanatory variables, I use EVIEWS to equity financing and debt financingindicators data and regression analysis of enterprise value.The chapter six is conclusion. Short-term debt and corporate value of listedcompanies in China are on the relationship between the relevant. Long-term debtassociated with the enterprise value is negative. Commercial credit has a negativeimpact on the enterprise value and bank borrowings have a negative impact on theenterprise value. The largest shareholder and corporate value is the ratio of negativecorrelation. Country unit and enterprise value renders negative correlation and sharesand corporate value is positive correlation.