中国上市公司股权再融资偏好研究.pdf

摘要:企业资本结构问题是当代经济学领域的前沿问题，同时也是现代企业经营管理中不可忽视的重要问题。通过不同方式融入的资金的比例关系，形成了企业的资本结构，这会产生不同的资金成本、利益冲突以及财务风险，从而影响到企业的市场价值。如何通过融资方式的选择，使负债和股东权益保持合理比例，形成最佳资本结构，不但是股东和债权人的共同目标，也是金融理论研究的焦点。国外的企业融资理论以及实践一般认为，企业融资的顺序为内部融资优于外部融资，外部融资中债权融资优于股权融资。随着我国资本市场的不断完善，上市公司将有更多的融资渠道可以选择，但我国上市公司的融资行为呈现出偏好外部融资而忽视内部融资，偏好股权融资而忽视债权融资的特征，表现出强烈的股权再融资偏好。这种融资偏好的存在导致了低效的融资结构，增加了企业的加权平均资本成本，影响企业经营效率之余，还影响了证券市场的健康持续发展。在资本市场改革、经济危机等新的经济背景下，研究并规范上市公司股权再融资偏好有助于规范证券市场的发展，提高资本市场稀缺资源的配置效率，并找出适合我国社会主义市场经济的融资模式。

在西方融资理论的基础上，运用描述性统计的方法与实例分析相结合，首先对我国上市公司的股权再融资方式发展历史进行回顾，分析融资政策的变化对企业融资行为的影响。然后从企业内部和外部两方面分析分析造成我国上市公司股权再融资偏好的原因。最后的结论表明，导致我国上市公司偏好股权融资的根本原因在于不合理的股权结构和不完善的市场制度。同时针对我国上市公司股权再融资偏好的原因，在研究过程中还得出了相应的管理启示。

关键词：上市公司，资本结构，融资理论，股权再融资

Abstract:The capital structure is the forefront issues of contemporary economics, and also it is an important problem cannot be ignored in the modern enterprise management. The proportion of funds formed the capital structure, which have different capital cost, interests conflicts and financial risk, and affect the enterprise value in the market. How to coordinate the debt and stockholders’ equity by choice the financing method, forming a reasonable proportion, that is not only the common goal of stockholders and creditors, but also the study focus in. Foreign enterprises' financing theory and practice is generally considered, corporate financing should follow the order which internal financing first and then external financing, in external financing it should be debt financing first then stock financing. With the Chinese capital market keep on improving，listed companies have more financing methods to choose. However, the listed corporate in China use external financing more than internal financing，and also use stock financing more than debt financing, so shows a very strong equity financing preference. This preference has led to a low-efficient financing structure, that would be increase the weighted average cost of capital, and influence the enterprise operation efficiency, and also affects the healthy development of the securities market. In such as a new economic background that the capital market reforming and economic crisis has arisen, research and regulating listed companies equity financing preference helps regulate securities market development, improving capital market allocation efficiency of scarce resources, and find out the financing mode which is suitable to China's socialist market economy.

On the basis of the western financing theory, by using descriptive statistics method combined with case analysis, the first reviewed the development history of Chinese listed companies’ equity financing methods, to analyze the change of financing policy is how to influence enterprise's financing behavior. Then analyzing the reason of the listed companies in China equity financing preference from the both internal and external of enterprise. Finally, the results indicate that the root cause of Chinese listed companies’ equity financing preference is unreasonable ownership structure and the imperfect market system. Considering the Chinese listed companies’ equity financing preference, in the process of research also obtained the corresponding management enlightenment.

Keyword: Listed company, Capital structure, Financing theory, Equity financing preference