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J I A N G S U U N I V E R S I T Y
继续教育学院Research on the Preference for
Financing of Chinese Listed Companies
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我国上市公司融资偏好问题研究
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摘要 企业融资是现代企业经营决策的重要内容。新优序融资理论从信息不对称的角度来分析融资行为,得出企业融资顺序:内源融资优先于外源融资,外源融资中债务融资优先于股权融资。而我国的上市公司却存在着明显的异常融资偏好现象,融资顺序首先表现为股权融资。本文通过中外上市公司融资结构的比较分析,论证了中国“异常优序融资”现象的存在。进而具体剖析我国上市公司股权融资偏好的主要原因。借由股权融资偏好所造成的资源配置效率低下、对公司治理产生负效应、束缚公司长期成长及损害投资者利益等诸多不利影响的阐述,提出了规范上市公司融资行为的相关建议。
关键词:上市公司 融资偏好 融资结构 股权融资
Research on the Preference for
Financing of Chinese Listed Companies
Abstract: Corporate financing is very important to the management decision-making in modern enterprises. Myers and Majluf (1984) proposed New Pecking Order Theory ,which states that under asymmetric information conditions firms have no well-defined target debt-to-value ratio, and that firms in general prefer internal financing(first), then external debt financing(second), and external equity financing(third). However, Chinas listed companies behave in a manner that doesnt follow the pecking order theory. They prefer external equity financing first. Through compare with foreign Listed companies'financing structure ,demonstrating China abnormal phenomenon optimal sequence financing. Analyzing the main reason that caused a partiality for financing of listed companies in our country. Caused by equity financing preference of resource allocation efficiency of corporate governance, the company produced negative growth, long-term interests of investors and many adverse effects of listed companies, and puts forward some proposals of financing behavior.
Key words: Listed companies Financing preference Financing structure
Equity financing
目 录
引 言 1
第一章 概述 1
1.1 上市公司内涵及特征 1
1.1.1 上市公司的涵义 1
1.1.2 上市公司的特点 2
1.2 上市公司融资与融资方式 2
1.2.1? 上市公司融资的概念 2
1.2.2 上市公司融资方式 2
1.3 上市公司融资偏好 3
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