Study on the Shares Financing Preference in Listed Companies based on the Non-tradable Shares Perspective

摘要

Shares financing activity is determined by three factors that are the installing efficiency of social resource, the type of property rights system and the liquidity of equity and the maturity degree of capital market. The main reason of shares financing preference in listed companies is the existence ofnon-tradable shares. They reflect in Domination of a Single Shareholder and evildoing negotiability ofstate-owned stock, equal stock with no equal right, no equal price and no equal dividend of shareholderbenefits relationship, the soft stipulation of stock financing and the dislocation of the lower cost of stockfinancing, distorted mechanism of stock price and the question of stock quality and information andinternal control.In order to resolve the shares financing preference in listed companies and push forwardthe reasonableness of shares financing activity, we put forward series of operable measures and projects.