Analysis of financing Structure of Listed Companies under Financing Sequence Theory

Based on the analysis of the financial structure of listed companies concerning agent cost and company management,the author first reveals that listed companies' preference for equity financing is an inevitable product under China's special market economy,though,which is in conflict with modern financial theory and the usual practice of enterprises' financing under mature market economy.Secondly,the author puts forward some suggestion on improving financing structure as to establishment of effective mechanism ensuring the repayment and encouraging manager's share.