Research on Chinese Listed Companies' Debt Financing Decisions from the Perspective of Financing Supply

This paper investigates the relationship between supply of the bond financing and debt financing decisions of Chinese listed companies from the perspective of financing supply.Based on sectional data of non-financial listed companies of stock markets of Shanghai and Shenzhen from 2008 to 2010.The results indicate that: the companies using bond financing take more liabilities,which means bond financing supply extends bond financing demand;it shows a relative preference for bond financing,and T test results significantly support this conclusion;the regression results further show that after controlling demand factors,supply of bond financing and long-term debt ratio is significantly positively correlated.