Research on the Financing Behaviors of State-Owned Listed Companies after the Non-Tradable Shares Reform

摘要

Before the non-tradable shares reform, China's stateowned listed companies had great preference for equity financing, which deviated from the finance law of the financing theory of the modern west. There are many reasons for the irrational capital structures of the state-owned listed companies. One of the most important one is the "internal control", resulted from the large proportion of national shares and corporate shares. After the non-tradable shares reform, started from 2007, with the lifting of the limitation on large and small part of the nontradable share, there are great changes on the factors that influence the financing behaviors of the state-owned listed companies. This article will discuss the new problems confronted by the stateowned listed companies, based on the analysis of the present conditions of their capital structures, and come up with the solutions to optimize them.