中国上市公司股权融资偏好研究.docxVIP

内容摘要 优序融资理论（Pecking Order Theory）提出公司在融资时应该首 先选择内部融资、然后是债权融资、末尾就要考虑的是股权融资方式了。 但针对中国上市企业融资行为进行分析之后发现中国的上市企业在融资 的先后选择与该观点相背离—出现很清晰的偏好股权融资这种方式从而 忽视了债权融资方式的现象。根据这个现象，本文归纳了形成这一融资 特征的原因及其影响，并对此融资现象带来的不良影响提出了若干建议。 关键词：?上市企业?融资偏好?证券市场?资本构架 Abstract On?the?basis?of?Pecking?order?theory,?when?corporate?financed,?they will?obey?the?rule?that?the?first?internal?financing,?then?debt?financing, finally?equity?financing.?But?after?analyzing?the?financing?activities?of Chinese?listed?companies,?I?find?the?phenomenon?that?listed?companies in?China?prefer?equity?financing?when?they?choose?the?way?to?finance. But?the?conclusion?isn’t?the?same?as?Pecking?order?theory.?Therefore,?I summarize?the?reasons?and?influence?of?these?financing?characteristics?in my?paper.?Finally?I?put?forward?some?Suggestions?how?we?can?reduce?the bad?influence?of?the?phenomenon. Key?words：Listed?company Financing?preference The?securities?market The?capital?structure 目 录 一、研究背景及意义................................................................................... 1 （一）研究背景?............................................................................................ 1 （二）研究意义?............................................................................................ 1 （三）研究现状?............................................................................................ 2 二、文献综述?.............................................................................................. 2 （一）股权融资偏好原因研究?.................................................................... 3 （二）债务融资偏好原因研究?.................................................................... 4 三、中国上市企业融资偏好特征?................................................................ 5 四、我国上市企业存在股权融资偏好的原因?............................................. 6 （一） “ 内部人控制 ” 现象?........................................................................ 6 （二）股权融资的低成本?............................................................................ 6 （三）债券市场发展滞后?............