关于中国上市公司股权融资资本成本的相关探讨.pdfVIP

关于中国上市公司股权融资资本成本的相关探讨 摘要 □ 资本成本是企业在融资时要考虑的重要问题，企业融资方式的选择在很大 程度上受到资本成本的 约。一般来说，公司的融资途径分为内源融资(内 部积累)和外源融资两部分，外源融资又分为股权融资和债务融资(包括银 行贷款和发行债券)两种。迈而斯（S.Myers）和麦吉罗夫（N.Majluf ）（1984） 提出了资本结构的啄食顺序理论，认为企业要为自己的新项目进行融资时 应遵循啄食顺序原则：首先是内部股权融资(即留存收益)，其次是债务融 资，最后才是外部股权融资。这一原则已被西方国家企业的融资 践所证 ，但是我国企业却有着截然不同的融资结构顺序和融资偏好。我国上市 公司则普遍具有股权融资偏好，次选才是债务。但是我国上市公司股权融 资的成本是否真的很小呢？事 上并非如此。本文结合现代财务理论对资 本成本科学内涵的界定，就当前上市公司资本成本存在的问题进行一些探 讨。 关键词：资本成本 融资偏好 股权融资 关于中国上市公司股权融资资本成本的相关探讨 Abstract The cost of capital is the most important issues have to be considered when enterprise financing. In general，the ways of corporate financing enterprise should be choose have large extent constrained by the cost of capital. The companys financing ways divided into internal source of financing (internal accumulation) and external finance, external source of financing is divided into equity financing and debt financing (including bank loans and issuing bonds). S.Myers and N.Majluf (1984) put forward the capital structure of the pecking order theory, that the enterprises offer their new projects should follow the pecking order of financing principles: first, internal equity financing (retained earnings), second，debt financing, and finally the external equity financing. This principle has been confirmed by the Western countries companies when they financing, but Chinese companies had different financing structures and financing preference. Chinas listed companies generally have a preference for equity financing, they first preferred the equity financing，next is debt. However, does the cost of equity financing of China’s listed companies is really low? In fact, it’s not. Investors have deviation of the meaning of the cost of capital and the cost of equity capital und