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我国上市公司股权融资偏好研究 摘要:我国上市公司以外源融资为主要融资方式,而股权融资又在外源融资中占主导地位。
上市公司这种强烈的股权融资偏好主要由外部和内部两方面的原因导致。
政策环境、市场环境以及市场上严重的投机现象属于外部原因,而上市公司股权融资的较低成本、股权结构的缺陷和内部人控制问题则是股权融资偏好形成的内部原因。
我国上市公司较强的股权融资偏好导致募股资金的使用效率低下,同时股本扩张也可能拖累公司的营业业绩,不利于上市公司的成长。
完善我国上市公司股权融资结构,消除股权融资偏好造成的不利影响的制度安排主要有:调整上市公司股权结构,建立内部激励制度,完善股权和债券资本市场规则等。
关键词:上市公司,股权融资,股权融资偏好 Abstract: Equity financing is the dominant source of external financing whichas the main financing source of listed companies in China. Both external andinternal factors lead to the strong equity financing preferences of listed companies.The internal factors include policy environment market environment and marketspeculation. Listed companies at a lower cost of equity financing ownershipstructure and internal defects in the control issue belong to internal factors. Thestrong equity financing preferences lead to low efficiency in the use of offeringfunds at the same time equity expansion may also drag the companys operatingperformance down which are bad for the growth of listed companies. Theinstitutional arrangements put forward below perfect financing structure of listedcompanies and overcome the adverse effects of equity financing: adjust ownershipstructure of listed companies establish internal incentive systems improve equityand debt markets rules. Keywords: Listed Company Equity Financing Equity Financing Preferences 目录一、引言 .....................................................................................................................................2二、我国上市公司股权融资偏好:一个描述..........................................................................3 (一)上市公司融资方式分类 .........................................................................................3 (二)我国上市公司以外源融资为主要融资方式..........................................................4 (三)我国上市公司股权融资在外源融资中占主导地位..............................................4 (四)我国上市公司股权融资偏好的弊端......................................................................5 1.弱化上市公司募股资金使用效率 ..................................................................................5 2.拖累上市公司的营业业绩 ..............................................................................................5三、我国上市公司股权融资偏好的成因 .................................................................................6 (一)外部原因 .................................................................................................................6 1.政策环境 ..................................................................................................................6 2.市场环境 ...................................................................................................