1、出处：Chien-HsunChen. Financing structure of listed companies in China Analysis of the factorsaffecting J. Journal of international money and finance, 2000, 17(3):153-156.中文 2215 字， 1480 单词， 8100 英文字符 原文 Financing structure of listed companies in China Analysis of the factors affecting Mate
2、rial Source: Journal of international money and finance(2000) Author:Chien-Hsun Chen (A)The system of factors Transition in China's economic conditions, economic structure and macro-systems do not have the stability of the background, the financing system is still in the rapid and dramatic chang
3、es in the process, so the institutional factors will certainly affect the financing structure. For example, there may be past the debt ratio is too high, need to be optimized through equity financing. This is mainly because of China's controlling shareholder of listed companies are mainly state-
4、owned large and medium-sized enterprises, has been on the state funding. The 20th century began in the mid-80 "" to suddenly increase the liabilities and state-owned enterprises of China's huge booth, in the context of such a system to improve the over-indebtedness of the predicament o
5、f many state-owned enterprises listed on the fundamental restructuring motives (B)The low cost of equity financing Financing costs is to raise and use funds to pay various fees and charges. Equity financing and bond financing in the financing costs, interest or dividends are mainly expenditure
6、, transaction costs, and taxes and so on. In China's capital market, in China's listed companies is generally not a high level of profitability, dividend yield is very low, companies tend to adopt various means, such as non-cash dividend distribution, a lower proportion of the distribution o
7、f cash dividend or distribution to the form of stock dividends, Therefore, the cost of dividend payments lower than the theoretical level. Bond financing and there are restrictions on debt-servicing constraints. Therefore, in our country, the equity financing for listed companies is not subject to s
8、upervision and restraint become no pressure on the optimal service The mode of financing (C)The ownership structure of listed companies in China specificity Share ownership structure means that the company's total equity shares of the different nature of the proportion of their mutua
9、l relations. Financing needs for investment, financing of the non-rational, is most likely the result of irrational investment. Most of China's listed companies for the shares by the restructuring of state-owned enterprises from the existence of the shareholding structure of state-owned shares a
10、nd legal person shares are not highly concentrated nature of the flow. As a result ,outsider to become minority shareholders, the major decision-making by the major shareholders have control in fact, the role of the board of directors will be greatly reduced, and this special ownership structure of
11、major shareholders are likely to result in the interests of minority shareholders erosion, arbitrary investment (D) The development of China's bond market lagged behind, poor bond financing channels Financing structure of listed companies and corporate finance environment. Listed com
12、panies in Western countries are faced with a more standardized securities market, bond market and our management not relaxed, very low degree of mercerization, corporate bond financing through the possibility of substantially inhibited, which stimulated the objective listed company of equity financi
13、ng requirements. As of March 14, 2001, the two exchanges in Shanghai and Shenzhen-listed corporate bonds including convertible bonds listed the total amount of 19.939 billion total market value of 20.497 billion Yuan, and listed stocks amounted to 128.916 billion listed a total market value of as mu
14、ch as 4.808851 trillion Yuan, a far cry from the two (E)Debt financing of high-risk financing In short, the financing risk by financing activities may deviate from the expected loss. For enterprises, the risk of debt financing to equity financing is higher than the risk, this mainly refl
15、ected in: First of all, whether there is interest by some of the risk. Payment of interest is a prerequisite for loans, and interest payments are not due to changes in business is profit, but its profit-sharing equity financing, risk sharing, enterprises will not face the pressure of interest. Secon
16、dly, whether there is full, the risk of repayment schedule. Debt Financing in a manner, the debt to be repaid, the capital loss can not repay themselves from the burden of enterprises, enterprises must find ways to be full of all the capital borrowed, repayment schedule, it may be to ensure that an
17、ongoing business. The funds raised by equity financing can be a permanent use； there is no need to consider the request of reimbursement (F) The accumulation of China's listed companies and the profitability of their own poor, with the ratio of the source of financing within the under-deve
18、loped countries the proportion of the general source of financing for about 60%, even in the preferred source of financing outside of the "bank-led" model of Japan, with the source of financing proportion is also higher than China's. China's listed companies are mostly state-owned
19、enterprises from the main enterprise property rights, the interests of clarity is not the main, resulting in severe short-term behavior of enterprises, the profitability of their accumulation and poor, more inclined to neglect the accumulation of current consumption. But in recent years, China's
20、 listed companies, regardless of the prevalence of a phenomenon is very small dividends or dividend, cash dividend distribution of an increasing proportion of low, will share placements, as a bonus dividend distribution. For these reasons a direct result of the listed companies are too dependent on
21、external financing, listed companies and thus cause major changes in financing structure Third, the financing structure of listed companies in China Analysis of the impact of the consequences China's listed companies on the financing structure in the preferred equity financing, while ignor
22、ing the source of debt financing and internal financing. This will have serious consequences； the most important are as follows: (A)Can not effectively play a role in the regulation of financial leverage According to modern financial theory point of view, for the effective exercise of its entr
23、epreneurial role in the regulation of financial leverage, corporate financing options, the financing of the project is expected to yield the high and low financing costs and should be fully taken into account. In theory, when the investment project is expected to yield high, it is reasonable to choo
24、se debt financing in order to play the best effect of financial leverage. But, the prospectuses of listed companies in China, almost all listed companies are offering financing for projects that have a high internal rate of return. In this case, the listed company has chosen to equity financing rath
25、er than debt financing, do not act in accordance with economic laws； the result is an inevitable decline in business performance (B)The allocation of resources affected the efficiency of securities markets is not conducive to the stability of the stock market to achieve optimal distribution of
26、 resources. The limited financial resources available to those most in need and to use the most efficient enterprises, which are the basic functions of the securities market, but also its sustained and healthy development. As listed companies can easily achieve sustainability in the stock market and
27、 low-cost financing, and some listed companies to carry out blind equity financing, resulting in a waste of funds and the use of a large number of inefficient, resulting in the stock market reduced the efficiency of the allocation of resources. In addition, a significant portion of idle funds to inv
28、est there is no clear direction and drifted away from the actual production and operation, the virtual economy brought about by the pursuit of short-term risk of over-income, resulting in dramatic fluctuations in stock prices is not conducive to the stable development of securities markets, low inef
29、ficient enterprises continue to waste scarce resources and a vicious circle (C)Of listed companies continued to decline in profitability is not conducive to long-term development of listed companies. According to financial theory, the balance is to maintain an appropriate sustainable developme
30、nt. Because the liabilities can not only enable businesses to obtain tax benefits and the role of financial leverage, and the pressure of debt service to the promotion of enterprise managers to improve efficiency in the use of funds. China's listed companies and high proportion of equity financi
31、ng, allows businesses to take full advantage of debt financing can not be brought about by the tax, financial leverage and messaging functions in a lot of disposable funds, blind investment and has not brought investors expected the higher rate of return would reduce the overall return on equity, so
32、 that a listed company on the continuing adverse impact on profitability (D)Serious damage to the interests of investors, dampened the enthusiasm of investors Listed companies should be a reasonable financing structure is to maximize the enterprise value, a number of listed companies in order
33、to achieve the placement of shares, additional conditions, to take a variety of ways to gloss over financial reporting, resulting in the disorder in the development of capital markets, and the share placements, additional dilution will earnings per share, damage to the interests of investors so as t
34、o deter the enthusiasm of investors, by the loss of confidence in stock investment funds out of the stock market, especially institutional investors, which will lead to stock market sources do not Enough to undermine the basis of capital market development
