法学论文二稿--hemeng.docVIP

摘 要根据啄食顺序理论，公司在进行融资时首先考虑内部融资，然后从考虑外源融资；而当需要外源融资时，先使用债务，最后才考虑股权融资，而我国各上市公司对股权融资却有着强烈的偏好，激烈而几乎无限度地追求着上市公司这一“壳”资源，极端偏好于送配股等股本扩张型的分配方式。在效益持续下滑的情况下，过度地依赖于股权融资，必将造成股权的过度稀释，股东控制权的弱化，资金使用效率的大幅下降，公司成本负担的加重。所以本论文从宏观和微观提出股权融资制度的改善，对上市公司有指导作用。股权融资不只是融资，未获得上市的声誉，借壳上市，获得政策支持，面子的功夫，只有基于较好的经营业绩，适度的股权扩张才是良性的和可维系的。关键词：股权融资；股权融资制度；融资偏好；完善制度Abstract According to peck order theory, the company in financing first consideration when internal financing, and then from considering exogenous financing; And when need exogenous financing, to use debt, the last is considering equity financing, and our country each listed company for equity financing, has a strong preference, intense and almost indefinitely for the listed company the \shell\ resources, extreme preference to send share placements equity allocation of an expansionary. In the benefit of continued decline case, overly dependent on equity financing, will cause excessive equity dilution, the weakening of their control, capital efficiency greatly decreased, the increase in the cost burden. So this paper from the macroscopic and microscopic put forward the improvement of the equity financing system, to the listed company has a guiding role. Equity financing is not just financing, not to get listed reputation, listed by shell, get the policy support, face of kung fu, only based on good operating performance, moderate equity expansion is benign and can sustain. 【Key words】: Equity financing; Equity financing system; Financing preference; Perfect system 目 录 一、我国上市公司股权融资现状 1 （一）股权融资概述 1 （二）我国上市公司的股权融资的特别偏好 3 （三）我国上市公司的股权融资的制度现状．．．．．．．．．．．．．．． ．．．．．．．．．．．．．．．．．4 二、我国上市公司股权融资存在的问题 6 （一）大股东明显违背全体股东利益，损害小股东利益 6 （二）关联人持股 7 （三）不良股权质押 8 三、国外股权融资处理制度研究 8 （一）英国和美国的“市场导向型”融资结构 9 （二）公司股东民主制度 9 （三）惩罚措施．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．9 （四）证券价值投资理念．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．10 四、完善我国上市公司股权融资制度的建议 10 （一）完善证券法律制度 10 （二）优化股权融资制度结构 11 （三）加强小股东的权利保护制度 12 （四）完善股权质押法律制度．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．