中国上市公司绩效评价指标:股权融资偏好的一种行为解释--基于绩效评价指标驱动的财务行为研究

现代经济学的潮流已经转向对经济现象提供解释.中国上市公司存在股权融资偏好现象,这种融资顺序安排与西方财务学理论的融资优序理论相悖.对此,国内学术界提出了各种解释.本文从上市公司绩效评价指标驱动的视角,研究、解释上市公司融资偏好.如果中国上市公司的绩效评价采用经济附加值指标,其股权融资偏好可能发生变化,中国上市公司的经营模式将从利润模式转到价值模式,这对中国上市公司和证券市场具有特别重要的意义.

The Performance Indicator of Listed Companies in China:A Behavioral Explanation to Pecking Order

Modern economics has turned to provide explanation for economical phenomena. The phenomenon of equity financing preference is prevalent among the listed companies in China. This financing order does not conform to the pecking order theory, and Chinese academic community has presented kinds of explanation for it. Nevertheless, our study of this preference is initiated from the concern of financial behavior driven by the performance indicators. Our finding suggests that financing preference might change if the EVA is included in the performance evaluation systems, and the operational models practiced by managers in the listed companies would transform from accounting profit-based model to economic value-based one. The transformation is of imperative meanings for both listed companies and security markets in China.