| China’s economy has made remarkable achievements accompanying with a planned economic system translating into a market economy form since the reform and openness in1978. Also, date shows China’s security market has a rapid development in the same period together with huge enterprises financing scale in diverse choices of finance. Especially, China’s total financing of socio-economic scale in2013is largest in the world.The impact of the rapid development of China’s economy is inseparable from the government, who intervenes economic life through laws, policies, regulations, etc. more frequently than other countries. The topic of this article is to study the correlations between government’s industrial policy intervention in economy and enterprise financing decisions considering the situations above.This paper is divided into six chapters in total, the1st chapter presents the background, purpose and meanings, definition of related concepts and probable innovations in this article. The2ed chapter is the literature review section. The3rd chapter presents theories related and the institutional context of this paper. The4th section describes data characteristics, and the next chapter is empirical research. The last section of this paper is summary of the whole paper, this part summarizes conclusions of this paper and analysis probable reasons, formulate industry policies based on relevant conclusions and also prospect further follow-up studies.This paper combines theoretical with empirical analysis, adopt qualitative and quantitative research methods, dummy variables are introduced in empirical analysis. The study finds that industry policy is correlated to some kinds of enterprises financing decision, like IPO financing, company’s bank borrowings and company’s additional financing.Innovation of this paper is reflected in data area which is updated to December31,2012, also in content and research methods which uses Regression Analysis to analysis the correlation between variables. |
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