我国上市公司股权融资偏好研究

【作者】 朱霞；

【导师】 秦志敏；

【作者基本信息】 东北财经大学 ， 会计学， 2003， 硕士

【摘要】 本文以我国上市公司为研究对象，具体研究上市公司融资结构中存在的股权融资偏好及其相关问题。旨在通过对上市公司股权融资偏好产生的原因、影响的分析，提出若干促进我国上市公司融资结构合理化的建议。 首先，本文通过对现代融资结构理论的简要回顾及中外融资实践的实证数据的分析，得出我国上市公司在融资结构尤其是长期融资结构上具有明显的股权融资偏好，并对股权融资偏好在上市公司具体行为上的表现进行了描述。然后，对股权融资偏好产生的原因进行了分析，认为股权资本成本的软约束、董事和经理追求非货币收益、大股东与小股东的利益冲突、企业债券市场发展滞后等是我国上市公司股权融资偏好产生的主要原因。紧接着，本文对我国上市公司股权融资偏好的影响进行了分析，指出在目前我国上市公司股权结构不合理、治理结构不完善、股票市场不健全的情况下，上市公司的股权融资偏好会给上市公司自身及资本市场带来许多不利的影响，表现为：不利于上市公司的持续成长、不利于上市公司治理结构的改善、不利于资本市场资源配置的优化、不利于资本市场的健康发展。最后，针对上市公司股权融资偏好产生的原因提出了若干促进我国上市公司融资结构合理化的建议，如培育股票市场的投资理念、建立和完善上市公司的激励约束机制、完善小股东对大股东的监督约束机制、促进企业债券市场发展等。更多还原

【Abstract】 This article regards Chinese listed companies as the research object, and studies concretely equity finance preference and relevant problems that exist in finance structure of Chinese listed companies. On the base of analyzing the causes and influences of equity finance preference, the writer tries to put forwards some proposals to rationalize finance structure of Chinese listed companies.Firstly, through brief retrospect of modern finance structure idea and analysis of the data of Chinese and foreign finance practice, drawing a conclusion that there is a preference for equity finance on long-term finance structure in Chinese listed companies. Then the article analyses the causes of Chinese listed companies’ equity finance preference, the soft restraint of equity capital cost, the director and manager pursuing to the incurrence income, interests conflicts of big shareholders and minor shareholders and the undeveloped corporate bond market in China. Secondly article analyses the influences of equity finance preference in Chinese listed companies, pointing out that under the situation of unreasonable equity structure, imperfect corporate governance and stock market, it does not benefit listed company’s growing up continuously, does not benefit the improvement of corporate governance, does not benefit the optimization of capital market resource distribution and does not benefit the sound development of the capital market. Finally, the article put forwards some proposals to rationalize financing structure of Chinese listed companies, including cultivating the theory of investment of the stock market, setting up and perfecty the encouragement tied mechanism of the listed companies, perfecting the supervision tied mechanism to the big shareholder of minor shareholder and speeding up the development of corporate bond market in China, etc.更多还原