我国上市公司融资偏好问题的分析——基于交易成本理论的实证研究.docVIP

PAGE PAGE 18 我国上市公司融资偏好问题的分析 ——基于交易成本理论的实证研究 摘要: 融资是企业一切经营活动的起点，也是维持企业持续经营的重要保障。我国的资本市场正处于不断发展和健全的过程中，所以我国上市公司的融资实践具有我国特定制度和发展状况的特点,呈现出与西方的融资理论和实践都不一样的股权融资偏好的现象。基于我国上市公司的股权融资偏好的现象，本文试图从交易成本理论出发,运用回归分析进行实证研究。由于资产专用性是交易成本理论的核心，且资产专用性是产生交易成本的重要原因。故在实证分析中，本文着重研究资产专用性与融资偏好的关系，来解释我国上市公司偏好股权融资的内在原因。实证分析结果可得:从总体上看，资产专用性程度越高,上市公司越偏好于股权融资。最后,本文基于实证分析结果，在政府、市场和企业三个不同层面提出相应的建议。 关键词：融资偏好交易成本理论资产专用性 Analysis of financing preference issues ——An Empirical Study based on the Transaction Cost Theory Abstract: Financing is not only the starting point of all business activities, but also an important guarantee for continuous operation. For the capital market in China is in a process of constant development and improvement, the financing practice of Chinese listed companies has its own characteristics owing to our specific institution and development. Chinese listed companies show the equity financing preference ,which is contrary to the western financing theory and practice.Confronted with the phenomenon of our equity financing preference, the paper attempts to do empirical research and use regression analysis in the view of the transaction cost theory. Asset specificity is the core of the transaction cost theory, and it is an important cause of transaction costs. Therefore, in the empirical analysis, the paper focuses on the relationship between special assets and financing preference to explain the underlying causes of the phenomenon of equity financing preference.According to the result of empirical analysis,on the whole, the higher the degree of specificity of assets, the more listed companies prefer equity financing.Finally, the paper, based on empirical analysis,attempts to offer recommendations at three different levels of the government, the market and companies. Keywords: financing preference; the transaction costs theory; asset specificity 一、 导言 （一） 研究背景及意义 1． 研究背景 自1990年和1991年上海证券交易所和深圳证券交易所成立，在历时二十几年的建设和逐步演变发展，我国的上市公司数量急剧增加。根据《上海证券交易所统计年鉴（2014卷）》和《深圳证券交易所市场统计年鉴2013》的最新数