中国上市公司股权融资偏好与融资成本研究

企业可以通过股权方式或债务方式来筹集资金,这两种融资方式又会引发公司资本结构和资本成本等一系列问题。本文研究了我国上市公司的融资行为和融资成本,结果发现,上市公司普遍存在着“股权融资偏好”,上市公司的真实股权融资成本要远高于债务融资成本,因此,过低的融资成本只是股权融资偏好的表层原因,特殊的股权结构和严重的委托-代理问题才是其内因。

The study on equity financing preference and financing cost of China''''s listed companies

A corporation can raise money by the two financing ways of securities and debts which have caused a series problems about corporate capital structure and capital cost. This paper discusses the financing behaviors and financing cost of China's listed companies and the results suggest that listed companies prefer the equity financing way and the real cost of equity financing to that of debts. Therefore the low financing cost is just the extenal reason of equity financing preference, the special equity structure and serious principal-agent problems may be the internal reasons.