Research On The Mode Of Financing Of Listed Corporations In Shandong Province After All Shares Circulation

The China Securities Regulatory Commission issued a notice about the non-tradable shares reform on April29,2005and the notice announces the start of the non-tradable shares reform work. It has been7years since the stock achieves full circulation. The mode of financing of listed companies must be affected by the non-tradable shares reform. From this point I choose the study on the mode of financing under the background of full circulation of Shandong listing Corporation. From studying the mode of financing of listed companies in Shandong Province I can find the shortcoming of the mode of financing of listed companies in Shandong Province. Then I will give proposes to improve the mode of financing of listed companies in Shandong Province. I think it is important for the development of the listed companies in Shandong Province.First I will tell some theories about financing then I will study the mode of financing of listed companies in Shandong Province through descriptive statistical analysis and empirical research. Through the study I also use the method of comparison.This article first studies the mode of financing of listed companies in Shandong Province systematic. The fourth use the descriptive statistical analysis method to study the mode of financing companies in Shandong Province, through the research, I find listed companies in Shandong Province will choose debt financing Endogenous financing first then they will choose Endogenous financing and equity financing. But the absolute amount of the financing is short-term debts. After the full circulation the listed companies in Shandong Province improve the bonds ratio. After the full circulation additional alternative allotment becomes the main source of equity financing. The paper through descriptive statistical analysis and empirical analysis find that the external factors that affect the mode of financing of listed companies after the full circulation, industry factors have a significant impact on the mode of financing of listed companies in Shandong Province. The paper through descriptive statistical analysis and empirical analysis also find that the internal factors that affect the mode of financing of listed companies after the full circulation, the stronger of the profitability the more preferences for endogenous financing, the bigger of asset size the more preference for debt financing, the stronger of the operating capability the more preferences for endogenous financing, the better of Shandong Province macroeconomic the more preference for debt financing. And by contrast full circulation before and after the full circulation influencing factors, I find that after full circulation influence on endogenous financing and debt financing is becoming smaller for profitability.The final chapter summarizes the conclusions of this paper, and on the basis of the conclusions, I find there are still flaws and shortcomings about the mode of financing of listed companies in Shandong Province. Based on these flaws and shortcomings I give some advices to improve the mode of financing of listed companies in Shandong Province. In addition at the final chapter I also describe the limitations and the prospects of this study.