我国上市公司融资跟回报的实证研究 探究 .docVIP

┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 装 ┊ ┊ ┊ ┊ ┊ 订 ┊ ┊ ┊ ┊ ┊ 线 ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 毕业论文 PAGE III 摘要 融资是上市公司生存和发展的前提条件，我国作为新兴市场，上市公司有很强烈的融资欲望，把握一切融资机会，发行债券，IPO，增发以及配股等，且其偏好股权融资。然而上市公司在快速发展的同时对股东回报是不可回避的话题。股东掏钱，投资企业，承担经营风险，分享发展红利，这也是股份制企业的基本逻辑，也是证券市场的致简原理。但是，在我国，这个基本逻辑长期未能很好的体现，上市公司重融资、轻回报，致使中国的证券投资者承担风险有余、享受红利不足。然而股利政策不但关系到股东的现期收益和公司的未来发展，还关系到不同股东群体之间的利益均衡，对股市能否长久健康发展有重要意义。因此，很有必要深入探讨“重融资、轻回报”的原因。本文主要从上市公司的融资和回报有关现象入手，运用定性分析与定量分析相结合，研究总结上市公司融资和回报情况，分析重融资、轻分红的影响因素，得出结论与建议，促进中国股市的健康发展。 关键词：上市公司，融资，回报，派现，股权融资偏好 Abstract Financing is a prerequisite for listed companies to survive and develop，China，as an emerging market,listed companies have a very strong desire of financing, they seize all the financing opportunities to Issue of bonds,the IPO and allotment.What is more,they preferred equity financing.However, return to shareholders is an unavoidable topic during the rapid development of listed companies ..Shareholders invest to the enterprise and bear the business risk,，it is the basic logic of the joint-stock enterprises as well as the simple principle of the securities market. However, in our country, the basic logic of long-term is not well reflected, listed companies only focus on financing resulting in Chinas securities investors to take risks more than and enjoy bonus。However, the dividend policy is not only related to the current income of the shareholder and the companys future development, but also related to the balance of interests between the different shareholder groups, it is also important for stock market. to keep long-term healthy development. Therefore, it is necessary to further explore the reason of Financing Preference. In this paper, it starts from related phenomena of listed companies financing and reward then uses qualitative analysis and quantitative analysis to study the financing and return of listed companies, analysis the influencing factors of Financing Preference，at last， Conclusion and recomme