2 it is policy brings about equity financing cost to produce change, policy encourages high grade enterprise to appear on the market financing, add hair financing, according to information asymmetry principle, the company that value is underestimated appears on the market difficulty is increased, the cost of equity financing rises;

3 be company financing means is decision-making more tend reason, the risk consciousness of company financing is strengthened gradually, accord with the condition that theory of actor foreword financing describes. Appear on the market as our country the addition of company measure, the change of above needs the data of year will come henceforth farther test and verify.

Influence our country appears on the market company

The industry feature of financing policy

The industry interior financing with net assets high yield takes actor. According to the statistic of yield of industry net assets, came 5 years of 2004 2000 inside, the industry of before ranking 3 armour is ordinal for excavate course of study, electric power gas the production that reachs water and supply course of study, traffic to carry storage line of business, rank end banquet to be farming, forest, herd, fishery and transmission and culture industry. The trade cash reserve in a bank with net assets high yield flows relatively abundant, internal financing cost is inferior, use on more convenient. Scale made the same score the internal financing that if excavate course of study, electric power is gas,supplies industry what reach water nearly 5 years to all be achieved respectively 94% , 75% , all industries are prep above of internal financing scale the average level of 58% .

High growing company more slant overweight equity financing. High growing company to solve liquidity problem, alleviate commonly through equity financing capital pressure, the addition of capital of rights and interests lifts debt financing to provide safeguard for company future, enhance the ability raising debt of the enterprise. High growing company also can reduce financing cost through increasing internal financing, alleviate capital pressure, reduce dividend to pay leading is a kind of method that adds internal financing. Because this high growing company appears fast growth, low indebted rate, low dividend,pay lead coexisted phenomenon.

The equity financing scale that IT industry is in nearly 5 years ranks a head the list in each industry, 5 years scale of average equity financing is 49.01% ; But scale of financing of whole industry creditor's rights presents negative growth state, came 2002 especially 2004 3 years, average and annual reduce financing of 6 billion yuan of creditor's rights; Be in high growing level as a result of whole industry at the same time, dividend pays rate is far the average level under other industry.

Maturity enterprise more slant financing of overweight creditor's rights. When the enterprise is in autumn, earnings stability, cash shedding is enough, use means of creditor's rights financing aptly. The capability that assumes financial risk as a result of maturity enterprise is stronger, the capital cost of debt financing is accordingly inferior. Make company value the greatest through financial leverage on one hand so change, the capital of rights and interests that prevents a company on the other hand by dilute, affect the interest of old partner thereby.
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