火电类上市公司融资结构问题地研究.pdf

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韭塞銮亟太堂亟±堂僮监塞笪竖卫l△盟 in financeis tothe modem Corporate veryimportantmanagementdecision-making to has leads structure.It enterprise.Thedisparatefinancingway disparatefinancing the of fromtheactllalconditionof influenceto the enteqDrise.Seen great development our marketisanew modem institution country,Chinesecapital market,theenterprise hasn’t mustbesome charactertotheir set叩yet,there special during specialfinancing behavior.Theresearchofthis isthethermallisted in objm paper power companies will thefinancial theexisted andsearch research China,1 behavior,discover problem be forthe ofthethis inthermallisted ofthesewill origin problem powercompany,an tostandardizethefinancialbehaviorandfosterthe ofthe veryhelpful longdevelopment thermalfisted powercompany. reviewsthe of in Call occident,which Firstly,thispaper theorycorporatefinancing three is as the bedivideditinto first named financialand stages.Thestage early stage the isDurand.ThesecondiscenteredonMM called delegate stage theory,which啪be modem formthebalance enterprise theoryMyers.Jensen& financingtheory,and by atlast.Thethird is the ofasymmetric Meckling stagedevelopedby researching that the information resultis the countrieshave theory.Theresearching developed ofrational sequence fund-raising,debt corporatefinancing:internal as is inthe financing,named theory,whichwidely-followedfinancing pecking-order that the ChineseeconomistsfoundChineselisted haveshown practice.But companies to is the countries. equityfinancingpreference.Thisobviouslycontrarydeveloped studiesthethermalfisted from1998to Secondly,this powercompanies 2004, paper Ifindthatthethermal havethe powercompaniesequityfinancing not firstunless will considertheother way thestockmarket is financing financing affected toreturnon index,the is greatly.Accordingequity financingefficiency afterthe will it institutional deciilljng equityfinancing,1explainthrough factor, andbend factor. cost informationmarket financingfactor,asymme

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