我国上市公司股权融资偏好研究

发布时间：2018-02-27 22:19

本文关键词： 上市公司股权融资偏好融资决策　出处：《新疆财经大学》2007年硕士论文　论文类型：学位论文

【摘要】： 本文通过对国外融资理论的发展脉络梳理发现,虽然现代融资理论的理论起点和考察具体对象有所不同,但它们都赞成企业在融资时应该遵循“先内源,后外源;先债权,后股权”这样一个最优的融资次序。但是通过对我国上市企业的观察却发现——我国上市企业融资方式选择正好与此相反,呈现“先外源,后内源;先股权,后债权”,带有明显的股权融资偏好。当然,如果仅是与国外的理论和实践相悖,应该并不是一个问题。问题在于,目前上市公司股权融资偏好已经给我国的上市公司和证券市场健康发展带来了很大的威胁。因此,弄清楚是什么原因导致上市公司做这样的融资选择,从而优化上市公司融资行为,也就尤为必要了。本文将造成上市企业钟爱股权融资的主要原因归结成五方面:一、股权融资成本低于债权融资成本。二、股权结构不合理。三、内部人控制严重。四、股票市场制度存在缺陷。五、债券市场发展滞后。然后结合股权分置改革,考察股改后这五因素发生的变化,并对新形势下上市公司的融资行为继续进行了关注。最后从实际出发提出相应的治理方法:一、改革完善现行股票市场制度。二、加强债券市场建设,拓宽债权融资渠道。三、改善公司治理结构,防止内部人控制。四、加强对上市公司定向增发的监管。
[Abstract]:In this paper, through the development of foreign financing theory, we find that although the starting point of modern financing theory and the specific object of investigation are different, they all agree that enterprises should follow the "endogenous, then exogenous, first creditor's rights" in financing. But by observing the listed enterprises in our country, we find that the choice of financing mode of listed enterprises in our country is just the opposite, showing that "first exogenous, then endogenous, first equity," Post-claims ", with a clear preference for equity financing. Of course, if it is only contrary to foreign theory and practice, it should not be a problem... the problem is that, At present, the equity financing preference of listed companies has brought a great threat to the healthy development of listed companies and the securities market in China. Therefore, find out what causes the listed companies to make such financing choices. Therefore, it is particularly necessary to optimize the financing behavior of listed companies. The main reasons that cause listed companies to love equity financing are summarized as follows: first, the cost of equity financing is lower than the cost of debt financing; second, the structure of equity is unreasonable. Insider control is serious. Fourthly, there are defects in the stock market system. Fifthly, the development of the bond market lags behind. Then, in the light of the split share structure reform, we investigate the changes that have taken place in these five factors after the stock reform. Finally, the paper puts forward the corresponding governance methods from the practical point of view: first, reform and perfect the current stock market system; second, strengthen the construction of the bond market, widen the financing channels of the creditor's rights. To improve the corporate governance structure and prevent insider control.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：F275

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