Firm Characteristics,Financing Methods and Firms' Financing Efficiency in China

Firms can combine varied financing methods to improve their financing efficiency and firm value because every financing method has different effect under different circumstance.This paper applied quantitative measure on the firms ' financing efficiency from the aspects of financing cost and financing risk,and examined the empirical relationships between the firm characteristic factors and financing methods,capital structure,financing efficiency and firm value based on the panel data of A-share listed companies in China.Ours conclusion perhaps is helpful for some firms to choose proper financing methods,optimize their financing structure and improve their firm value.