【摘要】 我们对中国上市公司股权融资偏好决定因素的验证结果表明:行业分布、产业竞争结构对上市公司融资行为的影响并不显著,而股权集中程度、股权流动性结构与上市公司融资行为表现出一定的相关性。从融资的成本与收益的角度分析中国上市公司的融资行为特征,结果显示,在中国特殊的市场环境和股权结构下,不仅上市公司的股权融资成本大大低于债权融资成本,而且,股权融资行为可以为非流通股股东带来超额的融资回报。这种股权分置结构所形成的利益输送机制成为决定中国上市公司股权融资行为的主要因素。更多还原

【Abstract】 The paper empirically researches the preference of equity financing of China’s listed companies and conclude that there is no distinctive evidence between industry location, competition structure and financing behavior, but have positive correlation between share concentration ratio, the structure of split shares and financing behavior. At themeantime, from the viewpoint of cost and return of financing, the test result shows that under the special market environment in China, not only the cost of equity financing is much lower than debt financing, but also the equity financing makes huge return for non - circulating shareholders. The huge return made by the structure if split share is the key factor of financing behavior of China’s listed companies.更多还原