【作者】 赵强；

【导师】 张彤；

【作者基本信息】 天津大学 ， 技术经济及管理， 2008， 硕士

【摘要】 资本结构理论是现代财务学中争议最大和影响最广的课题之一。一般认为,融资偏好直接反映企业融资行为,并与资本结构和公司治理等因素相互影响,进而影响企业的价值。但何种融资偏好最有利于企业的发展,长期以来一直是学术界和实务届所关心的热点问题,对企业融资偏好的研究已成为今年来财务理论研究的一个前沿问题。学术界对融资偏好的理论研究由来已久,也形成了多种融资偏好理论。特别是美国学者Myers和Majluf在1984年提出了“优序融资理论”(Pecking Order Theory),认为企业融资通常都遵循所谓的“啄食顺序”,即先内源融资、再外源融资,在外源融资中优先考虑债权融资,不足时再考虑股权融资。国外许多实证研究也基本上验证了这一理论,这些研究结果为企业投融资决策、公司财务管理提供了重要的依据。本文首先对于企业资本结构及融资方式等相关概念进行了界定,并回顾了企业融资偏好理论及其新的进展,对不同的融资方式进行了比较研究,总结各种融资理论的优缺点。采用统计分析方法对我国上市公司融资偏好进行实证分析,得出了上市公司融资偏好的特征:我国上市公司以外源融资为主,在外源融资中又以股权融资为主要方式。随后,分析上市公司融资偏好形成的原因和对其有影响的因素,并通过选取样本数据对这些因素所起的作用进行了验证,并最终得出了与上市公司融资偏好有关的影响因素。在以上分析的基础上,针对我国上市公司融资偏好的特点以及证券市场存在的不足之处,提出完善上市公司治理结构、优化股权结构和扭转融资偏好等可行化建议,以望可以对上市公司的发展提供有利的理论支持。更多还原

【Abstract】 Financing preference of a firm not only affects its financing decision but also influences its capital structure, corporate governance and valuation. Researches on this issue have become the frontier of corporate finance in recent years.The academic have been studying about Financing preference, and there are several Financing preference hypotheses. Especially, American academician Myers and Majluf bring forward the Pecking-order hypothesis. This hypothesis assumes a financial hierarchy descending from internal funds, to external debt, and last to external equity. Most empirical test in foreign markets basically verified the model.There is basic difference of financing preference between Chinese firms and western ones. This paper analyses the characteristics of financing preference of Chinese firms under the special institutional environment and the mechanism and factors for forming the characteristics. I also analyses the financing effects and their influences on corporate governance. I hope to provide a new explanation for firm financing patterns in China and give some policy suggestions aiming at formalizing financing behaviors of listed companies and improving financing efficiency in Chinese capital market.Firstly, the article makes a simple introduction to the basic theory of capital structure, and to the relationship between different financing behaviors and corporate governance.Then this article analyses Chinese listed companies by statistics method and find the characteristic of financing preference. That is the listed companies preferred exterior capital, and choose the capitalization capital as the most way. This article also finds the reason of listed companies’financing preference. And the factors influence the characteristic.Finally, the article puts forwards some proposals to rationalize financing behavior of Chinese listed companies, including improving the structure of listed companies and its governance, strengthening the monitoring on information disclosure of listed companies and speeding up the development of corporate bond market in China, etc.更多还原