我国上市公司融资决策归因分析

在现有融资决策理论的基础上,利用现金流股价模型及实物期权方法,来量化上市公司融资决策中的确定性成本和不确定性因素,并对我国上市公司的融资决策进行归因分析。研究表明,融资成本不是企业融资决策的决定性因素,不同融资方式的期权价值对融资决策有重要影响。公司采取何种融资策略,要比较股权融资成本+股权融资期权价值和债权融资成本+债权融资期权价值的大小,上市公司的经营状况与债权融资存在正相关关系。本文扩展了融资决策的动因分析,为定量评价融资行为提供了依据。

Attributional Analyzing on Financing Decision of Chinese listed Companies

Relating to the financing decision theory in existence, the paper made use of the model of cash flow and the commodity option method to quantify determinism cost and nondeterminism factor of financing decision of Chinese listed companies. Then we made the attributional analyzing for the financing decision of Chinese listed companies. The study showed that the financing cost is not the decisive factor for the financing decision of companies, and the optional value in different financing behaviors was very important for the financing decision. The financing decision which companies took depended on the interested financing cost + the interested financing optional value and the credit financing cost + the credit financing optional value, the correlation between how the company was doing and the credit financing was positive. The paper extended the attributional analyzing on financing decision, and it also provided adequate grounds for the quantitative research of financing behaviors.