Institutional Factors Analysis of Listed Company's Equity Financing Preference: Based on the Latest Data of Listed Company in Manufactory Industry

摘要

In order to analyze the influence of institutional factors on listed company's equity financing preference, this paper collects the data of manufacturing companies during 2003-2010 in China's A-share market, which has begun to take shape after several years of rapid development. The paper mainly analyzes the role of control properties, equity structure and price earnings ratio in the company's financing preference. The statistical regression results show that different control property will result in different financing preferences of the listed companies. And only equity structure and price earnings ratio are combined with control property. They would play a role in company's 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 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.