基于优序融资理论的我国上市公司融资偏好分析

发布时间：2018-04-14 22:31

本文选题：优序融资理论 + 融资偏好　；参考：《首都经济贸易大学》2013年硕士论文

【摘要】：现代企业的发展越来越离不开资金的支持。企业资金的融通就像是人体中的血液，对企业的日常运行及长远发展都有着至关重要的作用。现代金融理论研究表明，企业融资结构的选择非常重要，因为它不仅影响着的资金成本，，关系到企业的生存发展，而且与企业的治理结构和宏观经济也密切相关。根据有关资料显示，全球不同国家的企业融资结构是不同的，但发达国家的融资顺序大多遵循优序融资理论，即先内部融资，再债务融资，最后是股权融资。我国上市公司的融资偏好是金融学的一个重要研究方向，各种不同的偏好最终形成不同的企业融资结构。企业的融资方式不仅影响到企业的长展，也会影响资本市场的健康发展。我国上市公司的融资特点是偏好股权融，债务融资和内源融资相对来说比例偏低，但近几年也保持了逐步上升的态势。这与我国的国情有不可分的联系，我国是发展中国家，市场经济体制不健全，证券市场不完导致我国的上市公司融资偏好不同于西方发达国家的融资偏好顺序，有着自己的特征。本文首先点明了本文的研究背景和意义，然后详细的梳理和介绍了融资理论和我国融资现状。本文通过将内部融资与外部融资，直接融资与间接融资进行比较，得出我国上市公司的融资顺序不符合优序融资理论，偏好股权融资，但内部融资和债务融资比例近几年有所上升的结论，并对产生这种融资偏好的原因进行分析。最后，对全文进行了总结，提出了出具有针对性政策及建议。
[Abstract]:The development of modern enterprises is more and more inseparable from the support of funds.The financing of enterprises is like blood in the human body, which plays an important role in the daily operation and long-term development of enterprises.The research of modern finance theory shows that the choice of enterprise financing structure is very important because it not only affects the capital cost, but also relates to the survival and development of the enterprise, and is closely related to the corporate governance structure and macro economy.According to the relevant data, the financing structure of enterprises in different countries is different, but the financing order of developed countries mostly follows the priority financing theory, that is, first internal financing, then debt financing, and finally equity financing.The financing preference of listed companies in China is an important research direction in finance.The financing method not only affects the development of the enterprise, but also affects the healthy development of the capital market.The financing characteristics of listed companies in China are that they prefer equity financing, debt financing and endogenous financing are relatively low, but in recent years they have maintained a trend of gradual increase.China is a developing country, the market economy system is not perfect, and the stock market leads to the financing preference of our listed companies being different from that of the western developed countries.Have their own characteristics.This paper first points out the research background and significance of this paper, then reviews and introduces the financing theory and the current situation of financing in China.By comparing internal financing with external financing, direct financing and indirect financing, this paper concludes that the order of financing of listed companies in China does not conform to the theory of superior order financing and prefers equity financing.However, the proportion of internal financing and debt financing has increased in recent years, and the reasons for this financing preference are analyzed.Finally, the paper summarizes the full text and puts forward some targeted policies and suggestions.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】