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论文编号：	1473
作者编号：	2001011
上传时间：	2010/5/18 14:58:25
中文题目：	中国上市公司融资偏好研究
英文题目：	Listing company Financing Structure Equity Financing
指导老师：	黄菊珊
中文关键字：	上市公司 融资结构 股权融资 债权融资 内部融资
英文关键字：	Listing company Financing Structure Equity Financing
中文摘要：	企业融资是现代企业经营决策的重要内容。现代西方财务学界自二十世纪五十年代开始深入地探讨企业融资结构问题，并建立了成熟的现代企业资本结构理论体系。其中，关于企业融资结构问题的研究是企业资本结构理论的重要组成部分。代表性学说有MM定理及其修正学说、啄食顺序理论和新优序融资理论等。新优序融资理论认为在不对称信息条件下，企业首先偏好内部融资，其次是债权融资，最后是股权融资。而我国的上市公司却存在着明显的异常融资偏好现象，融资顺序表现为首先股权融资，其次债权融资，最后内部融资。 为了揭示当前我国上市公司融资结构的形成原因，本文首先在对国内外上市公司融资结构进行对比分析的基础上，着眼于我国现实，对当前我国上市公司总体融资行为和融资结构进行了描述性统计，并通过统计数据阐明我国上市公司在2000年后没有因为国家提高对公司上市及再融资资质的要求而改变融资偏好，即继续保持了股权融资—债权融资—内源融资的融资顺序；其次，从融资成本、制度因素、市场因素、公司治理结构等方面系统、深入地分析了造成我国上市公司融资结构扭曲的原因及其造成的负面影响；最后，提出一些政策性建议 。 本文试图通过上述分析研究，希望能为我国上市公司融资理论的发展有所启示，同时更为我国上市公司进行融资决策和政府有关部门制定融资监管政策提供有益的参考依据。
英文摘要：	Corporate financing is the important part of the modern operating during the decision making. Modern western financing academician started to deeply study the corporate financing structure from the 50s’ of the 20th century, and also built up the mature modern corporate capital structure theory system. Corporate financing structure study is the important part of the capital structure theory. The symbol theories are MM theory with its revised theory, Pecking order theory and New pecking order theory. The new pecking order theory thinks the corporate prefers internal financing rather than debt financing and equity financing under the situation of the information anisomerous. While in China, the listing company reflects an unusual financing priority status, with an order of equity financing first, then debt financing, and internal financing the last. In order to explore the reason of China’s special financing structure, the thesis firstly focuses on the reality of China with a statistic description for China listing companies on their general financing actions and the financing structure based on the comparison and the study of the listing companies’ financing structure between China and the foreign companies，which express the original financing order, equity financing-debt financing-internal financing; Secondly, the thesis makes a deeply study on the reason of leading China listing companies with an unusual financing structure and the negative impacts from points of financing cost, constitution factors, marketing factors and the corporate managing structure; lastly, the thesis gives some constitution suggestions. Through the above study, the thesis hopes to provide some reminds and suggestions for the theory development of China corporate financing, and can provides some helpful references for China listing companies when they make financing decision and define financing monitor policies.
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