At present, China's listed companies are developing rapidly, occupying an important position in the national economy and greatly promoting economic development. However, due to factors such as rising raw materials, shrinking bank credit and rising labor costs, the development of listed companies faces many difficulties. Among them, the financing problem has become the main problem at present. Aiming at the financing problems of listed companies, this paper discusses the characteristics and current financing difficulties of listed companies in Beijing, and analyzes the causes and solutions of financing difficulties. Strive to make suggestions for the development of listed companies.

Keywords: financing capital structure of listed companies

First, the financing status of listed companies

The financing of listed companies is to meet the needs of their strategic adjustment, industrial expansion and capital turnover. In order to develop and grow, listed companies must have the support of funds. In addition to its own accumulation, external financing through financial markets is the only way. Therefore, it is necessary to discuss the development and financing of listed companies. The modern financial system provides enterprises with a variety of financing channels to choose from. How to identify the advantages and disadvantages of these channels and use them to promote the healthy "blood transfusion" of listed companies is a problem that every long-term enterprise needs to seriously consider. At present, there are three main financing channels for listed companies in Beijing:

First, direct financing. Direct financing refers to the process that the supplier of funds directly signs relevant financing agreements with the demander. Or in the securities market, the fund demanders issue securities, which are purchased by the fund suppliers, and the suppliers can supply the idle funds to the demanders. Its characteristic is that the financing intermediary does not participate, and the demand side directly accepts the funds from the supply side. There are two main channels of direct financing: equity financing and debt financing.

Second, indirect financing. Indirect financing refers to the economic process in which the supplier of funds does not directly contact with the demander, but provides idle funds to the demander through financial intermediaries. Financial intermediaries mainly include insurance, banks, trusts and other financial institutions. Its characteristic is that in the two financing processes of fund raising and fund utilization, financial intermediaries have to conduct capital transactions with both the supply and demand sides of funds.

Third, endogenous financing. Endogenous financing refers to the economic process in which enterprises continuously convert the funds obtained from production and operation into investment. This part of the funds comes from within the enterprise, so the characteristics of endogenous financing are autonomy and primitiveness. At the same time, unlike external financing, it also has the advantages of lower risk and cost, so it is the first choice for enterprises.

Second, the impact of listed companies' financing on capital structure.

Financing structure refers to the organic combination of funds raised through different channels and the proportion of various funds when an enterprise obtains the source of funds. Specifically, it refers to the proportional relationship between all sources of funds of an enterprise, that is, the composition of self-owned funds (equity funds) and borrowed funds (liabilities), which is the basic structure on the right side of the balance sheet, mainly including the proportional relationship between short-term liabilities, long-term liabilities and owners' equity. The financing structure of an enterprise not only reveals the degree of asset ownership and debt guarantee, but also reflects the size of financing risk, that is, the greater the proportion of current liabilities, the greater its debt risk, and vice versa. In essence, financing structure is the result of enterprise financing behavior. Enterprise financing is a dynamic process, and different behaviors lead to different results and form different financing structures. Whether the reasonable loss of enterprise financing behavior is necessarily reflected through financing structure. Reasonable financing behavior will inevitably form an optimized financing structure, and the distortion of financing behavior will inevitably lead to the imbalance of financing structure. Due to the different stages of enterprise operation, the demand for the quantity and attributes of funds is also different, forming different financing combinations. The financing structure can be further divided from different angles: according to the different sources of funds, it can be divided into endogenous financing and exogenous financing; According to the different attributes of the fund kettle, it can be divided into debt financing and equity capital financing; It is divided into long-term financing and short-term financing according to the length of occupation.

Different financing methods and channels of enterprises will form different financing structures, thus determining the capital structure of enterprises. If the financing structure of an enterprise is mainly bond financing, the ratio of debt capital to equity capital will be higher, and the asset-liability ratio, which reflects the capital structure, will be higher; On the other hand, if the asset-liability ratio is low, it shows that equity capital accounts for a large proportion in the capital structure of enterprises. Therefore, most enterprises adopt equity financing.

Third, the financing suggestions of listed companies

The quality of listed companies directly affects their financing quality. To improve the financing ability, listed companies must improve their own quality.

(1) Improve the management level and profitability of enterprises. Listed companies can improve their management ability and performance, thus improving their internal financing and enhancing their external financing. It is necessary to deepen the reform of enterprise system, comprehensively popularize advanced management mode, and strive to establish a management system that conforms to the characteristics of listed companies. Pay attention to scientific and technological innovation, improve enterprise production technology, reduce enterprise production costs as much as possible, and increase enterprise profits. Listed companies should strengthen employee training, introduce outstanding talents in the financial field, improve the quality of employees, and strive to solve the financing problem.

(2) Seriously build the enterprise credit system. Modern economy is actually a credit economy. Honesty is an indispensable factor for listed companies to grow up in the market competition. Enterprises should establish credit culture, enterprise managers should learn financial laws and regulations, repay bank debts on time, establish good corporate credit, and strive to broaden the financing channels of listed companies.

Some listed companies in Zhongguancun Science Park in Beijing directly raise funds through public offering of bonds, stocks and venture capital, accounting for less than 5% of the total financing, and the overall direct financing situation is not satisfactory. The credit rating agencies in Beijing are chaotic, and there is no unified rating standard. It is difficult for financial intermediaries such as banks to accept the rating results, which leads to many listed companies being unable to obtain or get less financial support, and the indirect financing channels are not smooth. At the same time, the sources of internal financing of listed companies in Beijing are very unstable. Moreover, these enterprises have heavy financial burden, poor profitability and weak awareness of self-accumulation, which limits the continuous accumulation of endogenous funds and lags behind their endogenous financing, thus affecting the rapid and healthy development of these enterprises.

(3) Ensure the authenticity of financial information. Listed companies should constantly improve their financial systems, conduct accounting and financial accounting according to national standards, and provide accurate and comprehensive financial information. It is necessary to establish internal financial management measures and enterprise budget decision-making system as soon as possible. And hire some accounting firms to audit the financial affairs of enterprises to enhance the transparency of enterprises.

(4) Pay attention to the development of foreign relations. Strengthen communication with banks and maintain good relations with them. So that banks can better understand the situation of enterprises and provide loans to listed companies with confidence. At the same time, listed companies should strengthen cooperation and establish regional or industry-wide clusters to ensure the overall credit level and share operational risks.

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