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论文编号：	1834
作者编号：	031714
上传时间：	2010/5/14 9:30:23
中文题目：	我国上市公司股权融资偏好研究
英文题目：	listed company preference for equity financing
指导老师：	周宝源
中文关键字：	上市公司 股权融资偏好 融资结构 融资方式
英文关键字：	listed company preference for equity financing
中文摘要：	融资活动是企业财务管理中的一个重要行为，不同的融资方式形成不同的融资结构，对企业的发展有着不同的影响。根据著名的“优序融资理论”，企业的融资顺序应该是内部资金优先，债券融资次之，最后才是股权融资。并且发达国家的公司融资实践从实证上支持了这一理论。但是，在企业融资方式的选择上，我国上市公司偏好于股权融资，即上市公司融资决策时首选股权融资，而较少采用债务融资，表现为股权融资偏好。这种融资实践与西方的主流理论是相悖的，不仅导致资金使用效率低下，也给中国上市公司的健康成长乃至证券市场的发展带来了许多不利影响。这个问题已经成为理论上和实践中一个亟待解决的问题。因此，对影响我国上市公司股权融资偏好的相关因素进行分析，弄清影响公司融资决策的重要因素，以便对我国上市公司融资决策中产生变异的现象进行治理是十分必要的，从这个意义上来说，本研究具有十分重要的现实意义。 在对国内外股权融资偏好研究的相关文献进行回顾后，本文对公司融资理论进行了系统的介绍，在理论上获得了对我国上市公司的融资方式和行为进行分析的依据。然后对影响我国上市公司股权融资的各种因素进行了分析。本文对影响股权融资偏好的内部因素进行分析时采用了实证研究方法。首先，运用logistic回归来分析影响上市公司是否偏好股权融资的各种因素，然后运用多元线形回归来分析影响上市公司股权融资度的各种因素，最后在综合两种回归结果的基础上对影响我国上市公司股权融资决策的因素给予解释。为了使论文更加完善，本文接着分析了影响我国上市公司股权融资偏好外部因素，并在以上研究的基础上提出了改善我国股权融资偏好的政策建议，以期对我国上市公司的健康发展和证券市场的完善有所贡献。
英文摘要：	Financing is an important component in the financial administration. Different financing ways form different financing structures, which have different influence for the development of corporation. According to the pecking order theory which has been approved in the demonstration from the practice of developed countries’ corporations, internal fund should be given the first priority in corporate financing, debt financing the second, and equity financing the last. As far as corporation financing choices are concerned, Chinese listed corporations, however, prefer the equity financing- their first financing choice- to debt financing. The equity financing bias, contrary to the western mainstream financing theory, has resulted in low efficiency in use of fund, and what is worse, has bad effect on the healthy growth of Chinese listed corporations as well as the development of the security market. This is a problem that should be solved urgently in theory and practice. Thus to analyze the relative factors that affect preference of listed companies in our country, and find out crucial factors that influence the financing of companies are quite necessary to redress bias in financing of listed companies in China. In terms of the necessity, research done in this paper is of much realistic significance. After review of relative literature about equity financing home and abroad, a systematic introduction of corporation financing is made and the theoretical base on which financing ways and activities of our listed companies are analyzed is obtained. Various factors that influence equity financing of our listed companies are also analyzed next. The article adopts empirical research method in analyzing internal factors affecting equity financing bias. First, exercise logistic regression to analyze various factors affecting equity financing decisions of listed companies and then exercise multi-lineshape regression to analyze various factors affecting equity financing degree of listed companies. The last, make an explanation to factors influencing equity financing decisions of our listed companies based on the colligation of results of two regressions. To make the paper complete and perfect, external factors influencing equity financing of listed companies in our country are also analyzed. Further more, based on the research above, suggestions of the policy to redress our equity financing bias are put forward in hope of contributing to healthy growth and perfection of the security market in our country.
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