中国上市公司融资啄序再讨论

发布时间：2018-01-06 09:39

本文关键词：中国上市公司融资啄序再讨论　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：1990年中国证券市场开埠以来,上市公司的融资结构与偏好始终是国内学术研究的核心问题之一。与发达市场“先内部再外部,重债权轻股权”的融资啄序不同,中国学者发现国内上市公司具有“先外部再内部,轻债权重股权”的融资偏好并探讨了其形成原因。本文对2003年以来中国上市公司的融资结构进行了梳理,研究发现上市公司的主要融资渠道仍是以贷款为代表的外部融资,但内部融资占比正逐年提高；在直接融资中,股权融资占比遥遥领先。但自2007年《公司债券发行试点办法》颁布以来,公司债券市场逐步完善、发行规模不断扩大,债券融资占比迅速提高,并于2012年首度超越股权融资成为上市公司最重要的直接融资渠道,“股权融资偏好”发生逆转。本文正是从上市公司股权融资偏好逆转这一现象出发,立足理论,以大量历史数据为基础,选取可能影响上市公司再融资选择的因素,分别构建多元线性回归模型、Logit回归模型,深入探讨了公司内外部融资决策、债权股权融资决策的动因并加以分析,并根据研究结果,为优化公司融资结构、提高资源配置效率提出了相应的政策建议。
[Abstract]:In 1990 China stock market since its inception, the financing structure and preference of listed companies is one of the core problems in domestic academic research. With the developed market "first and then the internal external light heavy debt to equity" pecking order, Chinese scholars found that domestic listed companies with "internal external debt, equity financing preference weight" and to explore its causes.
This paper summarizes the financing structure of listed companies Chinese since 2003, the study found the main financing channels for listed companies is still on loan as the representative of the external financing, but internal financing accounted for ratio is increasing year by year; in direct financing, equity financing accounted for the way ahead. But since 2007, "corporate bond issuance pilot approach" has been enacted, the corporate bond market is gradually improved, the issue continues to expand the scale of bond financing accounted for the rapid increase, and in 2012 for the first time beyond the equity financing of listed companies has become the most important channel of direct financing, equity financing preference "reversed.
This paper is starting, this phenomenon is reversed from the equity financing preference of listed companies based on the theory, with a large number of historical data as the basis, select the factors that may affect the refinancing of listed companies choose, respectively, to construct multiple linear regression model, Logit regression model, discussed the company's internal and external financing, equity financing and debt decision motivation analysis, according to the research results, to optimize the financing structure of the company, put forward the corresponding policy recommendations to improve the efficiency of resource allocation.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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