Research On Financing Structure Of Private Listed Companies

Financing difficulty is always the biggest obstacle restricting the development ofprivate enterprises in our country. Financing difficulty of private enterprises caused bymany reasons, such as bank loan mechanism imperfect, the stock market in Chinamainly provide service for large state-owned enterprises, multi-level capital market isnot mature and so on. However, one important reason caused China’s privateenterprises financing difficulties is that a lot of people don’t realize the role of debtfinancing, especially the effect of corporate governance of debt financing in improvingthe value of the company. Therefore, the study of private corporate debt financing,explore the structure optimization of debt financing for private enterprises can do goodto the perfection of private enterprise financing theory, improving the financingenvironment of private enterprises, and has strong practical significance on makingprivate enterprises out of financing difficulties.In order to study the relationship between debt financing structure and corporateperformance, this paper synthetically use agency theory, balance theory, incentivetheory, information theory and control theory and related theory to analyzed therelationship and put forward the research hypothesis. On the basis of this, the paper usethe four years data of China’s private listed companies from2008to2011, to make anempirical test for theoretical analysis. At the end of the paper, this paper puts forwardsome relevant suggestions, in order to solve the financing difficulty for privateenterprises in our country and provide theoretical support and reference for the policy.