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论文编号：	1811
作者编号：	031717
上传时间：	2010/5/12 16:28:13
中文题目：	我国上市公司股权融资成本影响因素的研究
英文题目：	share financing the cost of financing the factors
指导老师：	周宝源
中文关键字：	股权融资 融资成本 影响因素
英文关键字：	share financing the cost of financing the factors
中文摘要：	国内的许多关于股权融资成本的研究表明，中国上市公司的股权融资成本偏低。从理论上讲，股权融资风险要大于债权融资，其融资成本要高于债权融资成本。而我国的股权融资成本却低于债权融资成本，这需要从股权融资成本的影响因素来进行探讨。股权融资成本的影响因素决定了它的计算模型的合理性。目前在股权融资成本计算的研究方面，应用较为广泛的模型有资本资产定价模型、套利定价模型、股利增长模型等，这些模型都有自己的适用条件，运用不同的模型计算出来的结果有着较大的差异。考虑到中国资本市场的特殊性，以及股权融资成本确定的复杂性，一些模型在应用时缺乏可操作性。这也需要从股权融资成本的影响因素入手来提高模型的准确性和可操作性。 鉴于此，本文试图深入探讨中国上市公司股权融资成本的决定因素。在研究中国上市公司股权融资成本的决定因素之前，首先要选择恰当的模型来计算上市公司的股权融资成本。本文选择了对股权融资成本预测能力相对较强的净收益折现模型。 目前，国内对融资成本分析的研究侧重于对企业融资成本进行具体测算，而对于股权融资成本影响因素的研究极为匮乏。本文在参考国内外的一些研究结论的基础上，选取了机械、设备行业上市公司，采用了多元回归模型，从市场波动性、企业风险、代理问题和市场异常性等角度深入的考察了我国机械设备行业的股权融资成本的决定因素。该研究有助于更好的理解何以不同的上市公司在融资行为方面表现迥异，对于企业合理进行融资决策也具有重要的实践意义。
英文摘要：	Many domestic researches on the cost of share financing reveal that the cost of public corporations’ share financing is relatively low in China. Theoretically, the risk of share financing is heavier than that of credit financing, likewise, the cost. However, in China, the cost of share financing is lower than that of credit financing. It is necessary to research from the angle of the factors which can influence the share financing. These factors determine its rationality of the calculation model. At present, there are CAPM, APT, Dividends Growth Model etc. each model has its own applicability, different model concluding different result. Considering the particularity of China’s market and the complexity of the cost of share financing, some models are lack of maneuverability in practice. It is necessary to improve the model’s veracity and maneuverability from the angle of those factors. Therefore, this paper tries to detailedly discuss the crucial factors of the share financing cost of the public corporations in China. First of all, we have to choose a proper model to calculate the share financing cost of the public corporations. In this paper, I choose the Present Value of Net Income model as an example because of its relative stronger forecast ability. At present, domestic study on financing cost is emphasized on the detailed calculation of the corporations’ financing cost, not on the factors that can effect the cost of share financing. Based on careful study of researches home and abroad, this paper take machine and facility public corporations as examples, choose multi-lineshape model to analyze the determinants of the share financing cost in the mechanic facility of China from the angle of market fluctuation, corporate venture, surrogate and unconventionality of the market, etc. The study is very helpful to understand the different behaviors of the public corporations and also helpful to the corporation to make proper decision on financing.
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