中国上市公司股权融资偏好解析——偏好股权融资就是缘于融资成本低吗?

我国上市公司存在较为强烈的股权融资偏好 ,对此 ,理论界一般将其直接动因归结为股权融资成本偏低。然而 ,本文分析表明 ,融资成本因素并不能完全解释我国上市公司的股权融资偏好行为。为此 ,我们进一步采用Logit模型 ,从融资成本、破产风险、负债能力约束、代理成本和控制权等因素多角度考察了我国上市公司融资行为的影响因素。研究发现 ,企业资本规模和自由现金流越低 ,净资产收益率和控股股东持股比例越高 ,则企业越有可能选择股权融资方式。但本文研究未发现企业破产风险和成长性指标对企业融资决策有影响。同时 ,本文研究还发现 ,股权融资成本与上市公司股权融资概率正相关。本文最后基于上述发现提出了若干政策建议。

The Puzzle of Equity Financing Preference in China's Listed Companies

China's listed companies strongly preferred to equity financing. Traditionally, the academe ascribed such a phenomenon to the lower cost of equity financing. However, our analysis shows that capital cost cannot well explain such a phenomenon. Therefore, we use a Logit model, examining the determinants of China's listed companies' financing behavior from the aspects of financing cost, bankruptcy risk, debt capacity, agency cost and corporate control. Our analysis shows that the lower the company's capital size and free cash, the higher the ROE and the share of the controlling shareholders, the more likely the company would choose equity financing. But our analysis does not find that bankruptcy risk and growth have an impact on company's financing decision. Besides, our analysis shows that equity cost is positively related to the probability of equity financing. Finally, we propose some policy implications.