Research On The Impact Of Preferred Stock Financing On The Value Of Listed Companies In China Under The Mismatch Of Financing

The long-term existence of financing mismatch has greatly affected the investment and financing behavior of Chinese enterprises,which needs to be solved by institutional innovation.The introduction of preferred stock as a new financing tool will undoubtedly help to establish a multi-level capital market in China.The in-depth study of the new policy of preferred stock can not only analyze the impact of the system on the relevant stakeholders in China's capital market,but also provide material for the study of China's financing theory.Of course,it needs to be explained that the financing mismatch studied in this paper refers to Mismatch of financing resources among enterprises.Based on the financial panel data of Listed Companies in Shanghai and Shenzhen A-shares from 2007 to 2017,this paper makes a quantitative analysis of the current situation of financing mismatches in China,and then explores the relationship between corporate value and financing mismatches through OLS model.Finally,it studies how the impact of financing mismatches on corporate value changes when there are differences in ownership and issuance of preferred shares.Research.Empirical results show that there is a significant negative correlation between financing mismatch and corporate value in the whole sample;among enterprises with ownership differences,the relationship between financing mismatch and corporate value is negative correlation,but compared with state-owned enterprises,financing mismatch has a greater impact on the corporate value of non-state-owned enterprises;among enterprises whether to issue preferred shares or not,issuing preferred shares and non-issuing shares.There is a negative correlation between the corporate value of preferred stock companies and financing mismatch,but the impact of financing mismatch on the corporate value of preferred stock issuance is greater.At the same time,the robustness test method tests the above research conclusions,and the test results are in good agreement with the research conclusions.On the basis of empirical research,in order to further analyze the effect of preferred stock financing on the value of listed companies affected by financing mismatch,this paper chooses CM Paper Industry as a case study,and takes its preferred stock financing in 2016 as the main research object,and finds out that preferred stock financing can be issued by CM Paper Industry.The capital structure,financial situation and ownership structure of listed companies have been perfected.CM paper industry has enriched the financing channels of the company by issuing preferred shares,improved the financing difficulties of the company,and effectively satisfied the company's business expansion and capital development needs,thus making a beneficial contribution to the company's profitability and company value.From the micro level,enterprises affected by financing mismatch can undoubtedly improve the negative impact of financing mismatch on enterprise value by issuing preferred shares for financing.