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论文编号：	1905
作者编号：	2003012
上传时间：	2010/4/30 10:35:38
中文题目：	控制权私人收益的角度研究我国上市公司融资选择研究
英文题目：	information asymmetry private benefit of control financing choice
指导老师：	齐寅峰
中文关键字：	信息不对称 控制权私人收益 融资选择
英文关键字：	information asymmetry private benefit of control financing choice
中文摘要：	融资选择是公司最重要的财务活动之一，与公司的资本结构直接相联系，对该问题的探讨已经成为财务理论界和实务界研究的热点。在这个方面，国外许多学者以发达国家成熟的市场环境为背景对公司融资选择进行过广泛、系统的理论和实证研究。而我国正处于由计划经济向市场经济转轨过程中，具有不同于西方等发达国家的制度背景和公司特点，所以我国公司的融资选择行为有可能与国外不同。在我国，一些学者研究公司融资选择时发现“股权融资偏好”现象，与国外经典的融资选择顺序理论的预测正好相反。但是到目前为止，国内还没有形成一个系统的理论体系来解释这一“异常”现象。 本文采用“演绎推理”和“比较归纳”的思想，构建了在一定条件下的公司融资选择理论模型，分别探讨了信息完美和信息不对称的情况下控制权私人收益如何影响公司的融资选择。尝试从控制权私人收益的角度研究我国上市公司融资选择的偏好。与此同时，本文选取1999年至2004年的6197个有效样本为研究对象，实证检验我国上市公司的融资选择情况。在实证研究中，分两步检验我国上市公司的融资选择状况，即首先检验上市公司内外部融资选择情况，然后再检验外部融资中债务和权益融资的选择情况；将整体样本分两个阶段（分别为1999-2001和2002-2004），比较不同时期我国上市公司的融资选择情况；按照规模、获利能力、成长性、股权控制状态等公司特征对样本进行分组，比较研究不同特征公司的融资选择情况。 全文共分六章。第一章是引言，主要介绍论文的研究背景、研究意义、关键概念、研究内容和研究方法以及可能的研究创新；第二章按照融资相关理论演变的过程，系统地回顾了权衡理论、信号理论、啄食顺序理论和市场时机选择理论；第三章主要从国家、市场和公司三个层面分析了与融资相关的制度背景；第四章是融资选择的理论分析，在前人研究的基础上结合中国的实际情况，以信息不对称为前提，从控制权私人收益的视角构建公司融资选择理论模型；第五章是融资选择的实证检验，对内、外部融资选择和外部融资中股权与债务融资选择进行实证检验，在进行实证研究的过程中，按照一些关键变量从不同的角度对全体样本进行分组比较，以期发现影响公司融资选择的重要因素；第六章总结全文主要的研究结论，指出研究中存在的不足和未来研究的方向。 论文的创新之处主要体现在以下几个方面： 1. 在信息不对称条件下结合中国的制度背景，构建融资选择模型。在国内，已有融资选择方面的研究大多集中在实证描述上，还没有一个系统的融资模型可以很好地解释中国上市公司的融资现象，本文试图在这方面做些尝试。本研究在借鉴前人研究成果的基础上，运用博弈论的思想，从控制权私人收益的视角构建了公司融资选择理论模型，分析不同条件下公司融资选择情况。 2. 目前国内对于上市公司融资选择的实证检验主要集中在公司杠杆存量水平上，而作为公司存量的公司杠杆水平是自公司成立以来融资累计的结果，不能很好表明公司当期的融资偏好，从公司融资增量的角度通过建立实证模型检验公司融资选择偏好，更能贴近我们要研究的融资选择问题。本文在借鉴Shyam-Sunder and Myers（1999）等实证模型的基础上，根据我国上市公司的实际，分步骤、分阶段、分组检验我国上市公司的融资选择情况。 3. 实证研究结论的新发现。我国许多学者研究认为中国上市公司存在强烈的股权融资偏好，并且很少有人研究内外源融资选择问题。本文通过实证研究发现：在整个研究时期，上市公司没有表现出明显的内外源融资的偏好，但是在不同时期出现明显的差异，前一阶段明显表现出外源融资的偏好，后一阶段明显表现出内源融资的偏好；对于外部融资而言，总体来说，上市公司偏好债务融资，不过有些类别的上市公司明显偏好股权融资，例如有股权融资资格的上市公司。总体而言，本文的研究发现与上述被普遍认为的上市公司股权融资偏好的结论不太一致。
英文摘要：	Financing decision is one of the most important financial activities in a company, which relates directly with capital structure of the company. It has been a hot topic both in theory and practice field. Based on mature capital market environment, many western scholars have carries out in-depth and systematic investigations on financing choice. During the economy transiting period, China has different system background and the company has different characteristics compared with developed countries. So company’s financing choice behavior in China may be different from developed countries’. In our country, many scholars find “equity financing preference” which just opposite to classical financing theory. But so far, there is not an appropriate theory to explain this “abnormal” phenomenon. Through discussing the information and private benefit of control how to influence company’s financing choice; we construct a financing choice theoretical model by “deductive inference” and “comparison induction”. Then we take listed companies in China during the period of 1999-2004 as samples to examine our model by two steps. Firstly, we investigate the choice between internal financing and external financing. Secondly, we examine financing choice between equity and debt. We compare financing choice at different stages and among different companies according to scale, ability of profit, growth etc. The dissertation consists of six chapters. Chapter 1 is the introduction, mainly introduces the research background, research significance, essential concepts, research content, research methods and possible research innovations. Chapter 2 reviews the existing literatures of corporate financing, including trade-off theory, signaling theory, pecking order theory and market timing theory. Chapter 3 analyses the financing institutional background from the respective aspects of nation, market and company. Chapter 4 is about theoretical model of financing choice. Based on existing studies and economic environment in China, taking asymmetric information as condition, this chapter constructs dynamic model of financing choice from the view of private benefit of control. Chapter 5 is empirical examination of financing choice. We investigate the choice between internal financing and external financing, equity and debt. During the process of empirical examination, in order to find important determinants, we compare different group financing choice. Chapter 6 is the conclusions, including limitations and future research directions. The main contributions of this dissertation lie in as following. Firstly, taking asymmetric information as consideration, we construct the corporate financing model based on the transitional economic environment. Most studies about financing choice in China are empirical researches, and there is not an integrated theoretical model interpreting corporate financing behavior. So we try to make an attempt and use the thoughts of game, we construct a corporate financing choice model from the view of private benefit of control, and analyze financing choice under different condition. Secondly, at present, domestic empirical studies on financing choice mainly concentrate on debt. However, debt financing is the result of accumulation after company established, and it hardly explains financing choice very well. If constructing empirical model examines financing choice from increase of financing, the question of financing choice will be deal with much more better. According to the situation of listed companies in our country, we use Shyam-Sunder and Myers’s empirical model for reference to examine financing choice. Thirdly, there are some new results. Many researchers point that Chinese listed company prefer equity financing greatly, and few people research financing preference between internal and external. We find that listed companies don’t express obviously financing preference between internal and external. But there are differences at different stages. From 1999 to 2001, companies prefer external financing. From 2002 to 2004, companies prefer internal financing. As to external financing, as a whole, listed companies prefer debt financing. Whereas, some kinds of companies prefer equity financing distinctly, such as companies qualified equity financing. In the whole, our findings are different from popular conclusion that listed companies prefer equity financing.
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