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中国上市公司融资结构及行为分析
引用本文:林伟.中国上市公司融资结构及行为分析[J].中央财政金融学院学报,2006(4):40-44.
作者姓名:林伟
作者单位:浙江大学经济学院 杭州310027
摘    要:本文对中国上市公司从1998年到2004年的融资情况进行统计分析,发现内源融资是中国上市公司资金的主要来源,其次是金融机构借款、股权融资和债券融资,总体看企业间接融资比例在上升,直接融资比例在下降,股权融资明显受政策和市场的影响。本文建立了一个基于不同决策目标的融资决策模型,研究表明在股权帐面价值最大化目标下的融资决策比股价最大化目标下的融资决策有更多的机会选择股权融资,但是当股市低迷,市价接近或低于账面价值时,这种差异减弱或消失。

关 键 词:上市公司  融资结构  融资决策
文章编号:1000-1549(2006)04-0040-05
收稿时间:2006-02-03
修稿时间:2006年2月3日

Analysis on Financial Structure and Financing Behavior of Chinese Listed Companies
LIN Wei.Analysis on Financial Structure and Financing Behavior of Chinese Listed Companies[J].Journal of Central University of Finance & Economics,2006(4):40-44.
Authors:LIN Wei
Abstract:This paper analysis the financial structure of Chinese listed companies over the period 1998-2004.The finding is that the main source funds of these firms is internal source followed by bank loans,then common stocks,corporate bonds.The proportion of indirect source funds is in rising,and that of the direct source funds is in descent.The policy and market environment have an impact on the equity finance.We develop a financial decision model based on different goal.The research expresses that firms have preferance to raise equity capital in maximizing the share's book value than maximing the stock price,but when the stock market is overcast,the market price nears or lower than the book value,the difference dies down or disappears.
Keywords:Listed companies Financial structure Financial decision
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