The Financing Timing Propensity of Listed Companies in China

Financing choice is the reaction of enterprises to the specific internal and external environments guided by certain value target.This paper first divides the financing choices into public offering,right offering,convertible bond,corporate bond,and bank debt.Then,multi choice Logistic regression model is adopted to analyze the timing characteristics of financing choices of listed companies in China.The empirical results indicate the change of financial policy in financial market is the major factor that influences the financing choice of listed companies in China.While from the micro perspective,the enterprises with larger size,better profitability,larger financing scale,proper leverage,higher rate of state share are inclined to equity.