我国上市公司融资结构特征研究
摘 要
企业财务决策中一个重要问题就是融资结构问题，它不仅为企业管理者所重视，也被广大投资者所关注。在我国，上市公司作为企业制度改革的先驱，其管理决策行为备受人们的关注。研究企业融资行为不仅对我国上市公司的管理具有重要意义，对于整个市场的健康发展、提高市场的有效性和安全度过金融危机具有特别重要的意义。本文以我国上市公司为研究对象，对其融资结构进行系统的研究，不仅系统地了解我国上市公司融资结构的特征，而且可以深入探索其融资结构特征的决定因素，为企业制度的合理设计提供可靠依据。
本文通过国内外上市公司融资结构的实践和理论对比得出结论，我国上市公司首先选取股权融资，其次是债权融资，最后为内部融资。对我国上市公司融资结构的形成具有显著影响的因素主要包括融资成本、股权结构、外部环境和内部控制因素，并对这些因素的影响机制进行了深层次的分析。最后提出了优化上市公司融资结构的对策与建议，为我国上市公司进行融资决策和发展完善我国资本市场提供了有益参考。
关键词：上市公司；融资结构；股权融资；债权融资
Financing structure characteristics of listed companies in China
ABSTRACT
The problem of capital structure is an important one in the enterprise’s financial decisions. It is not only closely supervised by the managers , but also observed by the investors. As the pioneer of the reform of the institute of enterprises, the listed companies of China are the first to be tested by the market. The research of the enterprise’s behavior is not only important to the management of the listed companies, but also important to the healthy development of the whole market and the security through the financial crisis. Through the study of this article targeting on the financial structure of the listed companies, we can not only find out the characteristics of the listed companies, but also have a comprehensive understanding of the bases of the capital structure determination, as well as the factors that have impact on financial structure decision. All of them will be the reliable basis of the proper design of the companies’ institutions.
In this article, the author draws the following conclusion by comparing the practice and theory of listed companies in and abroad: the listed companies of China choose equity-financing first, bond-financing second and the endogenous financing third. The factors which impact the financing structure are the financing-cost of the listed companies, ownership structure, financing environment and the internal control factors. Then the author deeply analyses the mechanism of these factors. At the end of the article, the author puts forward some advice to optimize the financing-structure of the listed companies of China and perfect our capital market.
Key words: listed companies; capital structure; equity financing; bond financing
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