Empirical Study on the Financing Behavior Preference of the A-Share Listed Companies from Chinese Shanghai and Shenzhen Based on Earnings

摘要

With the increasing perfection of the capital market, the financing behavior of the listed companies has become more and more mature. Every enterprise must finance, because financing as an important part of modern enterprise, can provide sources of funds to effectively guarantee enterprise and long-term business operations. In this paper, the A-share listed companies of 2011-2013 Chinese Shanghai and Shenzhen has been selected as the research objectives, and the degree of their preference on financing behavior was empirically tested based on the appropriate quotas of earnings. Conclusions: earnings manipulation is positively correlated with equity financing preference, earnings reliability, earnings cash security and earnings operation are negatively correlated with equity financing preference, respectively. Finally, the countermeasures are put forward to optimize the financing behavior of listed companies from Chinese Shanghai and Shenzhen A shares.