Research On The Financing Preference And Influencing Factors Of Diversified Listed Companies

With the rapid growth of Chinese economy,the listed companies have developed rapidly.More and more listed companies tend to adopt diversified development strategy.However,the financing preference is the choice of different financing methods,financing preference will affect the financing decisions.Financing decision,as an very important part of financial management,could effect not only the company's capital structure and future development and also the healthy development of capital market.Combed the domestic and foreign literature and based on the situation of Chinese listed companies,we collect 928 listed companies including 371 specialized companies and 557 specialized companies.By using factor analysis and establish order-logistic model,we find out those companies' financing preference and influence factors.The diversified companies' financing preference are internal financing,equity financing,debt financing and the influence factors are solvency,profitability,growth,operating capacity,long-term debt ratio and so on.The specialized companies' financing preference are internal financing,debt financing,equity financing and the influence factors are capital structure,growth and asset value guarantee rate.On the basis of the existing research on the financing preference of listed companies,this paper studies financing preferences and influencing factors of listed companies which were divided into diversified companies and specialized companies.So this paper complete the further research on financing preference and diversification.At the end of the paper,we give the suggest of diversified companies and specialized companies.