浙江上市公司股权融资行为分析.docxVIP

浙江上市公司股权融资行为分析 摘要 融资决策作为企业三大财务决策之一,是企业首当其冲需要解决的问题,它直接影响到企业的融资结构。合理的融资结构可实现融资成本的最小化、股东权益的最大化。特别是上市公司,在国民经济中的地位举足轻重。其融资行为具有广泛的影响,从微观层面看,上市公司融资决策是否理性、合理,不仅影响到企业的经营效益、股东的收益以及上市公司资本结构与内部治理结构的合理性;从宏观层面看,上市公司融资行为的合理与否还会影响到证券市场的资源配置功能的有效发挥,影响到证券市场的持续健康发展,影响到金融体系的稳定。因此,上市公司的融资行为是一个非常值得研究的问题。通过对我国上市公司现状的观察和研究，我得出我国的上市公司存在严重的股权融资偏好，这种现象和西方传统的融资顺序理论存在着明显的差别，与西方上市公司的融资偏好也存在着很大的不同。这篇文章旨在指出我国的现实状况和融资理论之间的差别，探究形成这种局面的原因以及将会产生的一些影响,并给出政策建议。 关键词:上市公司；融资结构；股权融资；融资成本 Abstract The financing decision as one of three major financial decisions, is to be the first to bear the brunt enterprises need to solve the problem, it directly affects the enterprise financing structure. To maximize the reasonable financing structure can be minimized, the equity financing cost. Especially listing Corporation, play a decisive role in the national economy. With a wide range of influence the financing behavior, from the micro level, the listing Corporation financing decision is rational, reasonable, not only affect the rationality of operating efficiency, enterprise profit and shareholders of listing Corporation capital structure and internal governance structure; from the macro level, effectively play the resource allocation function of listing Corporation financing behavior is reasonable or not will affect the stock market, affect the healthy development of the securities market, affect the stability of the financial system. Therefore, the financing behavior of the listing Corporation is a problem worthy of study. Through the observation and study of the status quo of listing Corporation in China, I find that Chinas listing Corporation has serious equity financing preference, this phenomenon and western traditional pecking order theory has the obvious difference, and the Western listing Corporation financing preference there are very different. This article is to point out that between the reality of our country and the difference of financing theory, some influence on formation of the reasons for this