我国上市公司融资偏好研究

【作者】 朱静平；

【导师】 李光华；

【作者基本信息】 湖南大学 ， 金融学， 2002， 硕士

【摘要】 企业融资方式的选择应该遵循成本—收益原则，以最低的融资成本取得最大的投资收益。而在我国现实经济生活中，由于公司股权结构的不合理，法人治理结构的不完善以及股票市场与企业债券市场的非均衡发展等等原因，导致上市公司存在着明显的股权融资偏好。上市公司的股权融资偏好给企业自身的发展，资源的有效配置带来了许多负面影响，甚至影响到整个国民经济的健康发展。因此我们必须分析原因，找出对策，改变上市公司的股权融资偏好，在权衡成本—收益的原则下，科学、合理地选择融资方式。 本文第一章介绍了有关企业融资方面的基础知识，对有关的基本概念以及对企业融资结构理论的发展进行了简要的介绍。第二章主要分析了我国证券市场以及上市公司股权融资和债权融资的现状，在现状分析的基础上提出了我国上市公司存在着明显的股权融资偏好。第三章对我国上市公司最优融资方式的选择顺序进行了理论及实证分析，从而提出了我国上市公司应适当增加债权融资的比重这一结论，进而对上市公司股权融资偏好的原因及其影响进行了深入的分析。第四章在分析了我国上市公司股权融资偏好产生原因的基础上，为优化上市公司的融资结构，利用金融工程的有关思想和观点，提出了自己的一些建议和构想。 本文是从公司的角度来研究公司的融资行为，从债权融资与股权融资这一层次来分析我国上市公司的融资结构，希望能给相关人士提供一些借鉴和启迪。更多还原

【Abstract】 Companies must conform to the "cost-profit" principle when they choose the financing way. They should achieve the highest investment profit at the lowest cost. But now, in our real economic lives, listed companies are showing a strong preference for equity financing because of many internal or external causes. The preference for equity financing has negative influence to the development of a company itself and the efficient allocation of society resources, and furthermore, it will hinder the development of our country’s economy. Therefore, we must analyze the causes, look for the solution, change the preference for equity financing, and choose the financing way scientifically and reasonably.This thesis is separated into four chapters. The first chapter introduces some elementary knowledge and some basic conceptions about the aspect of company financing, and briefly introduces the development of the theory about a company’s financing construction. The second chapter mainly analyzes the present situation of our country’s securities market and the financing ways of listed companies, and further, puts forward the view that our country’s listed companies have a strong and apparent preference for equity financing. The third chapter mainly analyzes, in theoretical and in practical aspects, the most reasonable and the most scientific choice sequence of financing way, then puts forward the proposal that listed companies must raise suitably the percentage of credit financing in financing construction. In addition, this chapter deeply analyzes the causes and the influence of the preference for equity financing. On the basis of analyzing the causes of the preference, the last chapter puts forward some proposals or suggestions through taking advantage of some financial engineering thoughts and views, in order to make our country’s listed companies have a reasonable financing construction.This thesis mainly researches the behaviors of company financing on the point of companies, and analyzes the capital construction of our country’s listed companies. I hope it will give the related people some references.更多还原