民营上市公司:融资偏好与股权融资效应

根据2006~2009年连续4年的融资结构数据,我国民营上市公司融资选择与"啄序理论"相反,即先外源后内源融资。在外源融资上,它们几乎不采用债券融资,偏好于商业信用、短期借款和股权融资;在内源与外源融资的选择上,总体上则更偏好于外源融资,且利用短期融资工具能力远强于利用长期融资工具的能力。同时,基于股权融资效应分析,实证得出股权融资对民营上市公司的业绩有负面影响,进而提出改善其融资结构的若干措施。

Private listed company:financing preference and shares financing effect

According to financing structure data fro m 2006 to 2009,domestic private listed companies choose to seek external financing first and then the internal which is opposite to pecking order theory.On external financing,these companies hardly adopt bond financing but prefer commercial credit,short-term loan and equity financing.Generally speaking,domestic private listed companies prefer external financing than internal and short-term financing tools than long-term.At the same time,based on stockholder's equity...