上市公司过度股权融资：经验证据与理论解释

一直以来，对中国上市公司存在过厦股权融资现象的判断很大程度上是基于感性认识，经验分析和理论解释并不多见。本文在对研究文献进行简要回顾的基础上，对过度股权融资进行了合理界定，对中国上市公司过度股权融资现象及其程度进行了实证考察，并通过建立中国上市公司控股股东的融资决策模型，对上市公司过度股权融资现象进行了理论解释，据此分析了导致过度股权融资的影响因素和内在作用机理，并提出了相关政策建议。

Excessive Equity Finance:Experience Evidence and Theoretical Clarification

Over the past years, the judgment of excessive equity finance by Chinese listed companies has been to a large extent based on perceptual knowledge rather than theoretical analysis and explanation. The author reasonably defines excessive finance based on a review of research documents and conducts an empirical study on the existence and seriousness of excessive finance by Chinese listed companies. By establishing a decision making model of the controlling shareholders, a theoretical clarification of the phenomenon is provided along with its driving factors and inner mechanism