我国企业融资偏的成本分析.pdfVIP

我国企业融资偏好的成本分析 陈琳 2005 年5 月 摘要 西方各融资理论都认为融资成本对企业的融资决策与融资结构 的选择起着决定性的作用 顺序融资理论在考虑信息不对称情况下 认为企业选择的融资顺序是先内部融资 然后债务融资 最后是股 权融资 本文就从融资成本的角度 以中西方比较分析的方法 来 研究融资成本对企业融资结构的影响 同时融资成本又受到各种因 素的影响 甚至各个行业 不同性质的各个企业的融资偏好各不相 同 从中分析得出中国企业不同一般的或者股权融资偏好 或者债 权融资中的 银行贷款融资 偏好 最后作者给出一些政策方面的 建议 中图分类号 F8 关键词 融资顺序理论 剩余收益折现模型 股权融资 债权融资 融资成本 II Analysis about Corporations ’ Financing Preference In Our Country in terms of Cost ChenLin May.2005 ABSTRACT Some western financing theories suggest that the cost of financing plays a key role on the corporate financing decision and thus the capital structure. Pecking order theory taking accounting of information asymmetry considered that the corporate financing order is internal financing, then debt financing, at last equity financing. This article researches how the costs of financing affect the corporate capital structure mainly through the comparison between Chinese and western corporations. At the same time the costs of financing are influenced by kinds of factors, and different industries have different preference about financing. From the analysis we can conclude at last that some Chinese corporations prefer to equity financing, some others prefer to “bank credit financing” being part of debt financing. Finally , some policy advice are given by the writer. JEL classification: F8 Keywords: Pecking Order Theory, Residual Income Discounted Model, Equity Financing, Debt Financing, Cost of Financing III 致谢 在此论