| With the developing of the mixed ownership economy in our country,a large number of mixed ownership listed company produced at the historic moment.The company’s long-term and steady development depend on the effective circulation of fund.But the reality is that Listed companies generally facing larger financing constraints.In order to alleviate the financing constraint problem of listed company,We can use the mature research results of the foreign researchers for reference,and focus on the particularity of our economic structure system,especially,The influence of financing constraints by the complex ownership structure which took shape with the development of mixed ownership economy.Based on the theory of equity structure and financing constraints,the paper study the influence of China’s listed companies financing constraints by the nature and the concentration of equity.The paper used all A share listed company in Shanghai and Shenzhen security market as the research object.Firstly,comparative study on the difference of the financing constraint degree in State-owned and non-state-owned holding listed companies by the cash flow sensitivity of cash mode.And then calculate the financing constraints indices of listed companies by logistic regression method,analysis the relationship between financing constraints and the state share proportion.Tested the results in the end.The study drown the following conclusion(1)Listed companies generally facing larger financing constraints and the State-owned More serious.(2)The financing constraints present a U-shaped relationship with the state share proportion,means that,with the loss of the proportion of state-owned shares,financing constraints presented first decreases after rising trend.Combining the results of research,the paper puts forward relevant policy Suggestions for our country to develop the mixed ownership economy,to optimize equity structure,to alleviate the financing constraints. |
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