| 我国上市公司外部融资偏好的成本动因分析 |
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| 引用本文： | 南召凤,张丽,陈宏立.我国上市公司外部融资偏好的成本动因分析[J].商业经济(哈尔滨),2006(1):29-30,53. |
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| 作者姓名： | 南召凤 张丽 陈宏立 |
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| 作者单位： | 东北林业大学经济管理学院 黑龙江哈尔滨150040(南召凤,张丽),中铁一局四公司 陕西咸阳712021(陈宏立) |
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| 摘 要： | 按照西方融资方式的“啄食”顺序理论,企业的外部融资顺序应先债券融资后股权融资。我国股权融资相对于债券融资具有资本成本、代理成本、信息成本和寻租成本的优势,使上市公司的外部融资顺序出现了“重股权融资、轻债券融资”的偏好。应从完善公司治理结构、规范信息披露、着力发展资本市场、加快形成经理人市场等方面入手,以改变不合理的融资现状。
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| 关 键 词： | 融资偏好 股权融资 债券融资 |
| 文章编号： | 1009-6043（2006）1-0029-02 |
| 收稿时间： | 2005-10-20 |
| 修稿时间： | 2005-10-20 |
Cost dynamic reason analyses goes on exterior financing of public company in our country |
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| NAN Shao-feng, ZHANG Li, CHEN Hong-li.Cost dynamic reason analyses goes on exterior financing of public company in our country[J].Business Economy,2006(1):29-30,53. |
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| Authors: | NAN Shao-feng ZHANG Li CHEN Hong-li |
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| Abstract: | According to the western financing way——the sequence theory,the order of enterprise's exterior financing should first bond financing and then stockholder's rights financing.Compared with fond financing in our country,stockholder's rights financing has the superiority on capital cost,agent cost,information cost and seeks rents cost,this enable the market company's exterior financing order appears the tendency——" stresses respects financing,light bond financing " Should perfect the governor structure,standard regulation of information disclose,strength develop capital market,speeds up forms manager market and so on in order to change the present irrational financing situation. |
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| Keywords: | financing by chance stockholder's rights financing the bond finances |
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