1、 2350 单词， 13900 英文字符， 4000 汉字 出处： Emerging Technologies for Information Systems, Computing, and Management. Springer New York, 2013:1147-1153. Chapter 128 Institutional Factors Analysis of Listed Companys Equity Financing Preference: Based on the Latest Data of Listed Company in Manufactory Industry
2、 Jianqiang Guo, Hang Zhang and Hongna Wang Abstract In order to analyze the influence of institutional factors on listed companys equity financing preference, this paper collects the data of manufac- turing companies during 20032010 in Chinas A-share market, which has begun to take shape after sever
3、al years of rapid development. The paper mainly analyzes the role of control properties, equity structure and price earnings ratio in the companys financing preference. The statistical regression results show that dif- ferent control property will result in different financing preferences of the lis
4、ted companies. And only equity structure and price earnings ratio are combined with control property. They would play a role in companys financial structure. It argues that this is mainly because of the main body of the listed company is restructured state-owned enterprises, which are controlled by
5、state capital. So the choice of financing mode reflects the will of the managers. This paper provides important reference to the whole stock market and capital market. Keywords Financing preference Control property Equity structure 128.1 Introduction The financing structure of listed companies in de
6、veloped countries generally fol- lows the pecking-order theory of Myers and Majluf (1984). A firms financing order is retained earnings, debt and equity. Based on the study of Chinese listed companies financing preference, scholars found that Chinese listed companies prefer equity financing rather than debt financing. The formation of the equity financing preference of listed companies in China is strongly linked to institutional constraints in our country including the deve
