Research on the Influencing Factors of Equity Financing Preference of Manufacturing Companies under the Background of Supply Side Structural Reform

Abstract

Abstract：With the rapid development of China and the improved of civil living consumption level, the products that are manufactured by the existing manufacturing industries have gradually failed to meet the daily needs of consumers. And the manufacturing industries that play an important role in the national economy have been affected firstly. Therefore, the factors that affect its equity financing preferences have also changed. It is urgent to carry out the supply-side structural reforms. First and foremost, these theoretical researches that drives from domestic and abroad offers the factual basis to the theoretical analysis and research hypotheses of this paper. Secondly, the author relates the characteristics of the supply-side structural reforms to the equity financing preferences and researches them to obtain the relationship between them. Finally, by adopting logit regression model and researching hypotheses and data, the author draws the conclusion that the main reasons that affect the equity financing preference of listed companies in the Chinese manufacturing industry are the productive investment and the financing environment. All in all, the purpose of this paper is designed to provide reasonable choices for investors of many listed manufacturing companies in China and offer the development modes, so that they can avoid risks effectively.