股权结构与融资政策问题研究.docx

摘要 随着资本市场的不断发展，企业对资金的需求越来越大，资金是企业发展的推动力。就我国上市公司选择融资方式来看，非常钟情于股权融资，忽视了债券融资，这与西方国家存在着很大的不同。我国的股权偏好是有一定的历史原因，是时代发展的产物，与国家政策都有一定的关系，企业采取股权融资的方式可以使得原股东收益最大化，控制权损失最小化，但对于这种现象有其效益性也有其弊端，这种方式不仅不利于企业的健康发展，也会对股市的健康发展及发挥融资平台的作用造成很大的损害，对宏观经济发展都有一定的影响，我们必须予以重视做出相对应的办法来解决这一融资怪象。 本文通过对股权结构与融资政策的状况，分析了我国上市公司喜欢股权融资的原因，其中包括自身股权结构、融资成本相对较低的软约束性，以及外部证券市场国家政策等多种原因，也对这种偏好带来的影响进行了阐述，指出了我国股权结构的不足之处并提出了相应的几点对策。 关键词：股权结构；融资政策；融资偏好：股权融资  Abstract With the continuous development of capital markets, corporate demand for funds is more and more big, the capital is the driving force of enterprise development. Chinas listed companies choose financing way, very interested in equity financing, ignoring the bond financing, which are very different from the western countries. Chinas equity preference is a certain historical reasons that is a product of the times, there is a certain relationship with the national policy, the enterprise take equity financing way can make the original shareholders to maximize the benefits of control, minimizing losses, but this phenomenon has its efficiency also has its drawbacks, this way is not conducive to the healthy development of the enterprise, will be on the stock market Jian Cause a lot of damage Kang development and financing platform play a role, have a certain impact on macro economic development, we must attach importance to make corresponding measures to solve the financing phenomenon. Based on the ownership structure and financing policy, analysis of Chinas listed companies love reason of equity financing, including equity structure, external stock market and other reasons, the influence is discussed, points out the deficiencies of ownership structure in our country and puts forward some corresponding countermeasures. Keywords: Ownership structure; Financing policy; Financing preference; Equity financing  目录 TOC \o 1-3 \h \u  HYPERLINK \l _Toc8033 引言  PAGEREF _Toc8033 4  HYPERLINK \l _Toc3936 第一章 股权结构与融资政策的概述  PAGEREF _Toc3936 4  HYPERLIN