The capital market develops with the development of the economy, the stock and bond markets are developing continuously, and the economic growth rate is a little weak. However, the trial of science and technology innovation board and the implementation of registration system are bound to bring a new wave of competition in the capital market. In this context, corporate financing, as a necessary condition for the continuous operation and scale expansion of an enterprise, is of self-evident importance to the orderly development of the capital market. As an important part of China's market economy, the financing choice of listed companies after listing is very important to the development of China's economy.
资本市场随着经济的发展而发展，股票和债券市场不断发展，经济增长率略有下降。然而，科技创新委员会的试点和注册制度的实施必将给资本市场带来新的竞争浪潮。在此背景下，企业融资作为企业持续经营和规模扩张的必要条件，对资本市场的有序发展具有不言而喻的重要性。上市后上市公司融资选择作为我国市场经济的重要组成部分，对我国经济的发展具有重要意义。
China's capital market is booming because the government attaches great importance to capital market, and listed companies are springing up like mushrooms. The establishment was announced by President xi jinping at the opening ceremony of the first China international import expo (ciie) on November 5, 2018. It is a new section independent of the existing main board market, and a pilot registration system will be carried out in this section, bringing a new atmosphere of reform to the capital market. With the further deepening of China's capital market and economic reform, China's market economy is gradually moving towards prosperity, and the capital market will usher in a healthy new atmosphere with the beginning of science and technology innovation board and registration system. Large and small listed companies emerge in an orderly manner to promote steady economic development. However, in the current economic situation, the operation of listed companies can not only rely on the resources of enterprises, but also need financing to create more benefits. As one of the three major decisions of financial management, financing decision is an important aspect that affects the operation of listed companies and an important guarantee for the orderly and healthy development of listed companies. Listed companies will become increasingly important in the social economy. However, the financing choice of listed companies is of vital importance not only to the fund demand of its own scale development and operating efficiency, but also to the stock market and even to the economic development needs.
中国资本市场蓬勃发展，是因为政府高度重视资本市场，上市公司如雨后春笋般涌现。习近平主席在2018年11月5日首届中国国际进口博览会开幕式上宣布成立。这是一个独立于现有主板市场的新部门，将在该部门进行试点登记制度，为资本市场带来新的改革氛围。随着我国资本市场和经济改革的进一步深化，我国市场经济正逐步走向繁荣，随着科技创新委员会和注册登记制度的启动，资本市场将迎来一个健康的新氛围。大、小上市公司有序涌现，促进经济平稳发展。然而，在当前的经济形势下，上市公司的经营不仅可以依靠企业的资源，还需要融资创造更多的效益。融资决策作为财务管理三大决策之一，是影响上市公司经营的重要方面，是上市公司有序健康发展的重要保障。上市公司在社会经济中的地位越来越重要。然而，上市公司的融资选择不仅关系到自身规模发展的资金需求和经营效率，而且关系到股票市场乃至经济发展的需要。
Foreign experts and scholars have been updating relevant theories on the financing structure of listed companies. In 1952, David Durand put forward three classical capital structure theories, namely, net income theory, net operating income theory and traditional theory. In 1958, the MM theorem proposed by American economists modigliani and miller also became a classic in financing theory for a time, paving the way for later theoretical research. Although the MM theorem was established under very ideal conditions and divorced from reality, its position in financing theory is indelible. Later, many economists revised MM theorem and made innovations from the aspects of enterprise capital structure and enterprise value, and put forward the so-called "balance theory", miller model and new comprehensive theory. However, due to the particularity of China's economy, these theories are often not applicable.
国外专家学者不断更新上市公司融资结构的相关理论。1952年，杜兰德提出了三种经典的资本结构理论，即净收益理论、净营业收益理论和传统理论。1958年，美国经济学家莫迪利亚尼和米勒提出的MM定理也一度成为金融理论的经典，为以后的理论研究铺平了道路。虽然MM定理是在非常理想的条件下成立的，脱离了现实，但它在金融理论中的地位是不可磨灭的。后来，许多经济学家修改了MM定理，从企业资本结构和企业价值的角度进行了创新，提出了所谓的“平衡理论”、米勒模型和新的综合理论。然而，由于中国经济的特殊性，这些理论往往不适用。
China's listed companies have a strong preference for equity financing. They took 397 valid samples and conducted a questionnaire survey on the financing methods of companies after listing, among which 380 companies participated in the questionnaire, and concluded that about three-quarters of enterprises preferred equity financing. In order of the cumulative amount of financing, it can be concluded that: short-term borrowing -- profit retention -- rights offering -- long-term borrowing -- issuing new shares -- issuing ordinary corporate bonds -- issuing convertible bonds -- other order. Financing of listed companies in China in terms of raising, relative follows the pecking order theory, the tendency to prefer using endogenous financing, but also exist in equity financing higher than bond financing and the characteristics of short-term borrowing amount ranked first, it may be that the short-term financing long-term financing easier in operation, the enterprises have to make short-term loans by operating pressure.
中国上市公司对股权融资有着强烈的偏好。选取有效样本397个，对上市后公司的融资方式进行问卷调查，其中380家公司参与了问卷调查，得出企业优先股权融资约四分之三的结论。根据累计融资额，可以得出以下结论：短期借款——利润留存——配股——长期借款——发行新股——发行普通公司债券——发行可转换公司债券——其他顺序。我国上市公司融资在融资方面，相对遵循啄序理论，倾向于采用内生融资，但也存在股权融资高于债券融资的特点，短期借款金额排名第一，可能是短期融资长期融资在经营上比较容易，企业不得不靠经营压力发放短期贷款。
Another current situation of listed companies is the serious situation of random change of capital investment. According to statistics, 57.36% of all companies raising funds have changed their capital investment, 60.72% have changed their capital investment after allotment, and 49.47% have changed their capital use after allotment. This shows that China has a very serious phenomenon of changing the purpose of raising funds, which seriously damages the image of listed companies, increases the difficulty of their refinancing behavior, and also increases the risk of investors, and the phenomenon of excessive financing. Listed companies are hungry for money. Many companies are eager to refinance and will put forward secondary financing plans in a very short time after listing. According to statistics, in 2009, a total of 18 companies listed less than a year before they put forward refinancing plans, raising a total of 27 billion yuan, of which 10 have been implemented.
上市公司的另一个现状是资本投资的随机变化严重。据统计，57.36%的募集资金公司变更了资本投资，60.72%的公司变更了配股后的资本投资，49.47%的公司变更了配股后的资本使用。由此可见，我国融资目的发生了非常严重的变化，严重损害了上市公司的形象，增加了上市公司再融资行为的难度，也增加了投资者的风险和过度融资的现象。上市公司急需资金。很多公司都渴望再融资，上市后很快就会提出二次融资计划。据统计，2009年共有18家上市公司在不到一年的时间内提出再融资方案，融资总额270亿元，其中10家已实施。
In the factors influencing the financing options of listed companies, equity financing is the actual low cost, the special equity structure and not mature bond market is the root cause of the preference of equity financing of listed companies, and points out the guiding role of refinancing policy that unreasonable refinancing behavior of listed companies is caused by one of the important reasons. Another influencing factor is the current high asset-liability ratio. The unreasonable capital structure of excessive liabilities of listed companies before listing prompts them to prefer equity financing to reduce asset-liability ratio after listing. The capital structure with high debt ratio before listing often affects the financing decisions of listed companies, and may be blind to some extent.
It can be said that Chinese scholars' research on the financing behavior of listed companies has been constantly updated and developed with the changes of The Times, and has certain uniformity. In recent years, the financing volatility of listed companies in China is very high. From the perspective of refinancing, the pattern has also changed from dominated by rights offering to balanced by additional issuance, rights offering and convertible bonds, which is also related to policy orientation. According to the literature read, the academia generally believes that listed companies have obvious preference for equity financing and the development of bond market lags behind. In equity financing, the phenomenon of heavy financing and light dividend is very serious, there are obvious speculation, illegal and illegal problems. In order to better solve the problems existing in the post-ipo financing, we should further study the financing options of enterprises after IPO, understand the current situation and problems of listed companies' financing, so as to strengthen the effective allocation of resources in the economy and society, which is of great significance to the prosperity of China's economic development.
Internal financing avoids the cost of external interest or dividend payment, has no impact on the company's cash flow, and does not generate operating expenses during financing, which is far better than external financing in terms of cost and time. However, a large amount of capital is often needed in production and operation activities, which must be financed by external sources.
Creditor's rights financing is divided into loans and bonds. The borrowing procedure of the bank is simple, the financing cost is low, but the interest is high, and the repayment and interest payment pressure of the enterprise is great. Corporate bonds refer to the debenture issued by the company and promise to repay the principal and interest within the agreed time. The interest is lower than that of bank loans, but the indirect cost and time cost are high. At present, China's bond market is in a period of booming development, and the status of bond financing in corporate financing is gradually improving. Similarly, borrowing and bonds increase risk as well as leverage.
Equity financing means that a company issues shares in the stock market for financing. At present, there are additional issues, rights issues and convertible bonds. Compared with debt financing, equity financing has its own advantages. Equity financing funds belong to the company's permanent capital, there is no pressure to repay, and do not have to bear fixed interest costs like bonds, low financial risk, but high issuance costs. In China, however, the real cost of equity financing is low.
For a long time, it has been widely held in the academic circle that listed companies in China prefer equity financing. Equity refinancing has experienced from the initial boom of rights offering to the gradually flourishing private placement financing after the introduction of additional issuance, to the current equity financing situation where additional issuance and convertible bonds are the main and rights offering is the auxiliary.
In April 2019, there were nearly 4,000 listed companies in China. According to the data released by the China securities regulatory commission, equity financing plays an important role in the financing of listed companies in China, and also provides an important guarantee for the continuous operation and development of listed companies in China.
On the other hand, the rapid development of China's securities market in recent years, coupled with policy support and stock market risk fluctuations, the scale of bond financing is also expanding.
Through the analysis, we can see that the financing scale of listed companies in China is developing rapidly. The amount of money raised in China shows a rapid growth trend, especially in the first quarter of 2019, the issuance of new shares accelerated, the amount of money raised in China reached a high point, which is a multiple of the previous year, indicating that China's domestic financing situation is good. On the other hand, the number and scale of listed companies gradually increase. It can be said that after several years of trough, the stock market financing ushered in a new round of prosperity. Equity refinancing is still popular. In terms of bond financing, data show that bond financing is no longer the meagre position in corporate financing decisions, and China's bond market is gradually developing.
Around the 20th century, China's bond market development lags behind, the development of the capital market is not balanced, the bond policy is not perfect lead to the degree of cumbersome problems, which prompted the abnormal order of China's market financing, that is, equity financing is higher than bond financing. Relevant data show that this phenomenon has been continuing since 1995, leading to excessive financing costs. On the other hand, the choice of financing mode is largely restricted by financing cost. Because of poor dividend policy, dividend distribution policy is decided by firmly in control of large shareholders, that is, the dividend return for the cost of equity financing is actually controlled, it is certainly more than the bond matures servicing hard rules more attractive, in our country, there is the actual cost of equity financing low anomaly. Furthermore, the unreasonableness of equity division also makes major shareholders have a preference for equity financing.
Beijing Hualu Baina Film&Tv Inc., founded in 2002, is in charge of state-owned assets supervision and administration under the state council of central enterprises China HuaLu group specializing in film and television planning, investment, production, distribution and performance management of enterprise, the specialty is engaged in the field of digital audio and video technology research, hardware and software application development and information culture industry, cultural industry is the only main business covers the central enterprise of large enterprise groups. The registered capital is 10 million yuan. As of December 31, 2015, the total assets of the company are 4,698,073 yuan and the net assets are 389,919 yuan. In 2015, the net profit reached 266,902,300 yuan. In 2012, hualu baina was officially listed on the shenzhen stock exchange with the securities code of 300291, becoming the first a-share listed film and television company registered in Beijing and the only a-share listed film and television company in Beijing so far.
Analysis of the financing structure of hualu baina, we can see that hualu baina listed in 2012, the actual capital raising 675 million yuan, p/e ratio of 82.46 times, can be said to be a good first, three years after the listing, the net profit growth rate of 5.43%, 21.2% and 78.65%, the overall business performance is good, the profit growth rate is fast. In the three years after the listing, the company has issued additional shares for three times, including two successful ones and one in progress. The total net capital raised by the company is 2.486 billion yuan, with unissued bonds.
Listed before, the rate of assets and liabilities of the company is 49.44%, in line with the economic Suggestions to company asset-liability ratio, in 2015, the asset-liability ratio is only 17%, and liabilities are debt service pressure and high rates of short-term loans, to a certain extent weakened the financial leverage effect, increasing the company's short-term repayment pressure, high interest rates to a certain extent reduces the management benefit, make the resource allocation efficiency is low. The increase in short-term lending may be related to the special short-term funding needs of the industry, but such financing decisions are not very rational in the long run. In addition, a large number of additional shares to a certain extent diluted earnings per share, reduce the profitability of the enterprise, there is suspicion of circle of money.
Listed only a few years, hualu baina has a rapid growth capacity. This enterprise has shown the phenomenon of the rapid increase of secondary new shares after the listing of Chinese enterprises. Of course, this does not negate the great development of bond financing in the financing options of Chinese listed companies after listing. Equity financing in China, despite its corresponding advantages, the role of financial leverage is also cannot be ignored, especially the bond market has entered a boom in recent years, the issue of low interest rates can reduce corporate financing cost, suggested the company appropriately raise the proportion of creditor's rights financing, steadily into the bond market, the average cost of capital at optimum levels, improve the utilization efficiency of financing, and attaches great importance to the dividend policy, at the same time pay attention to avoid dilution caused by operating risk.
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