The features of the financing structure of Chinese listed companies and the methods of optimizing the structure

Based on the introduction of the theory of the optimizing-order financing and the financing practices of enterprises in developed countries,the paper identifies the ways for the listed companies to choose their financing policies,i.e.internal-sourced financing should be taken as the first choice and the external-sourced financing should be the second one.In the course of external -sourced financing,the enterprise should first use the debt financing and then the equity financing.Furthermore,the paper analyzes the reason why the financing structure of Chinese listed companies are totally contrary to this optimizating order.It also aims at finding out certain guidance after comparing the financing structure in both domestic and overseas listed companies.In addition,the ideas and suggestions for optimizing this structure are raised,too.