我国上市公司融资偏好问题研究论文.docVIP

Abstracts The financing strategy is one of the most important decision-making processes for the enterprises. By modern western financing theories and practice, the inside financing of an enterprise is better than that outside financing, and in the outside financing, stock financing is better than credit financing. In China，however，the listed companies often show out their great preferences on stock financing rather than that of credit.This deviation from the western theory shows the particularity of our listed companies. So this thesis choose that preference of our listed companies as the base of the study in order to find out the reasons and also raise some useful adjusting suggestion, which aims at optimizing our country’s  capital  market  and  the  companies’ inner  management  structure,  promoting the operating efficiency. There are four parts in this thesis. The first part briefly elaborated the background of the study, the methods used, some related theories and the status quo of the listed companies at home and abroad. The second part described the financing situation of our country’s listed companies, using statistical and comparative analysis through the quoting of a lot of data. The third part carried out analysis on the causes to the financing preferences of our listed companies. The forth p art explained the adverse effect that our listed companies’financing preferences cause，and raesed some corresponding adjusting suggestion. Through the study of the listed companies’financing behavior, I find that the causes of the financing preferences resulted from imperfect inner managing structure. And the security market being immature, which 4 promoted the irrational choices by the listed companies. So in order to correct the purpose the listed companies choosing to being listed and promote their value, we need to optimize the stock structure and the inner managing structure ,and to accelerate the construction pace of the security market.  【Key Words】