上市公司融资的制度诱因研究.docVIP

PAGE PAGE 15 上市公司融资的制度诱因研究 Research on Institutional Incentives of Financing of Listing Companies in China 沈振宇 张为国 摘要：影响上市公司融资的因素多种多样，其中制度是其重要因素之一，但有关公司融资制度诱因的研究成果较少。研究以披露公开股权融资和公司债融资的沪深主板A股上市公司为研究样本，研究证监会推行公司债发行试点、公司债审核绿色通道和国有产权制度对公司融资的影响。研究发现公司债试点、尤其是实施公司债审核绿色通道确实诱致公司倾向于债权融资；与民营控股公司相比，国有绝对控股形成超强内部人控制、公司破产风险较小等制度诱致公司倾向于债权融资，且其债权融资与第一大股东持股比例正相关；国有相对控股公司因破产风险的存在、高管委任和任期等制度诱致公司倾向于股权融资。研究结果验证了制度是影响公司融资的重要因素，其会诱致公司的融资选择；研究结论不支持我国公司股权融资偏好和国有股一股独大是股权融资偏好的原因。本研究从融资角度引发了对国有产权改革、国有公司高管委任、激励和约束等政策的讨论，并提出有针对性的政策建议。 关键词：上市公司 融资 制度诱因 国有企业 内部人控制 JEL分类：G11，G31，G32 Abstarct?: There are all kinds of factors which influence financing of listing companies, but institution is one of the most important factors, and there is few research on companys financing institutional incentives. The research is to investigate the influence of CSRC promoting the issuance of corporate bonds, corporate bonds implementation specific Easy Access and state-owned property rights system on the impact of corporate financing by disclosing public equity financing and corporate bond financing of main-board A shares of listing corporations in SSE and SZSE as research samples. This study finds that the issuance of corporate bonds, especially CSRC implementation of corporate bonds Easy Access is inclined to choose debt financing, compared with the private holding company, state-owned absolute holding company is a strong internal control and its’ bankruptcy risk is small, so the company is inclined to debt financing, and the relationship is positive correlation between its debt financing and the proportion of the first largest shareholder owned, but holding companies by state are prefer to equity financing. The results confirmed that institution is an important factor affecting the company financing. The conclusion does not support the equity financing preference and state-owned shares is the cause of equity financing preference of listing companies in China. This study provokes discuss on reform of stat