联系我们

论文查询结果	返回搜索

论文编号：	133
作者编号：	2120051934
上传时间：	2007/6/24 17:30:19
中文题目：	股权结构对我国上市公司融资行为
英文题目：	A study on the financing behav
指导老师：	李莉
中文关键字：	股权结构;融资行为;股权集中度;<
英文关键字：	ownership structure;financing
中文摘要：	西方经典的融资理论和实证研究都表明，企业优先偏好内部融资，其次是债务融资，最后才是股权融资，即所谓的优序融资理论。然而，我国上市公司的融资选择与优序融资理论相比，在外源融资中优先使用股权融资，表现出明显的股权融资偏好。因此，上市公司的融资行为一直以来都成为我国学术界与实务界研究的焦点。本文通过比较分析中外上市公司股权结构对融资行为的影响，表明我国当前特殊的股权结构以及在此基础上的公司治理结构、激励机制等制度性因素是造成我国上市公司强烈股权融资偏好的重要因素。 为了对这一论点提供有力佐证，本文进一步运用相关性分析以及多元回归模型分析，对特殊股权结构下上市公司的融资行为进行了实证研究。实证研究的结果表明：股权结构是公司融资行为的重要决定因素，股权结构的变动会对融资行为的动态调整产生影响，尤其是股权集中度及持股股东类型的变化将对上市公司的融资行为产生重大影响。具体而言，上市公司第一大股东持股比例、前五大股东持股比例之和、国家股持股比例、流通股所占比例以及高管人员持股比例等代表股权结构的指标与资本结构指标即资产负债率之间存在着显著的相关关系。同时，实证研究还表明，盈利能力、公司规模、成长性、破产风险等非制度性因素也会对上市公司的融资行为产生影响。 本文最后得出结论，要改善目前中国上市公司的融资行为，必须优化中国上市公司的股权结构。可以从以下几个方面入手：适度增加高管人员持股比例，降低第一大股东持股比例，增加股权分散度，大力培育机构投资者等多种持股主体。随着股权分置改革的完成，我国资本市场将进入全流通的市场环境。本文的最后一章从股权融资的条件、规模以及融资动力三个方面对全流通环境对上市公司融资能力的影响进行剖析，并针对如何提高上市公司的融资能力提出意见，对政府出台相关再融资策略给予建议。
英文摘要：	Listed companies in China are inclined to equity financing, while the western theory and proof studies, a preference to internal financing, debt financing second and then equity financing, this is the pecking order of theory. Why financing ways of listed companies in China are different from this theory? For years, this problem has always been the popular one. For this paper is based on the relative analysis of equity structure and financing modes, indicates that the causes of equity financing are many-fold, a major one being China’s special share-holding structure and corresponding institutional factors including corporate governance structure, incentive mechanism. In order to testify my study, the paper employs further the multi-returning model to proof-study and shows the results: the finance-raising of the companies is dynamic while the capital structure is comparatively static. To be more specific, there is an obvious relevance of the capital structure index, i.e., the variation ratio of debt-asset ratio to such indexes representing share-holding structure as share concentration, the proportion of national shares and legal person ratio. Meanwhile, the non-institutional factors, namely proof-study and shows the results: profitability, size, growth, bankruptcy and risk will also cast influences on financing and further still, on the capital structure of enterprises. In conclusion, the share-holding structure of the listed companies in China must be first optimized in order to enhance finance rising. As a matter of fact, equity financing is never the optimal way of financing. Other than share-holding structure optimization and the active facilitation of reforms on proprietary disposal, some other measures should also be taken into consideration. Only by doing so could the financing of the listed companies develop towards a more rational direction within a sound financial system.
查看全文：	预览  下载(下载需要进行登录)