中国民营上市公司融资结构实证分析

实证研究发现,我国民营上市公司对短期资金融通工具的利用能力比较强,对长期资金融通工具利用能力明显缺泛,并且有进一步下降的趋势;民营上市公司融资选择并没有完全按照“融资顺序理论”,它们几乎不采用债券融资,具有明显的股权融资偏好;在现存融资环境下,民营企业主要依靠商业信用、短期借款、股权融资进行融资。应该拓宽民营企业的融资渠道,构建我国民营企业的融资体系,健全民营企业融资结构。

Positive Analysis of the Financing Structure about the Private Listed Companies in our Country

The discoveries of positives analysis: our private listed companies have strong utilizing ability offinancing short- term capital, but weak utilizing ability of financing long- term capital and there are further downwardtrends;; Not according to " financing order theory " in private financing of listed company,, they hardly adopt bondfinancing, there is obvious equity financing preference.。 Under the environment of extant financing, privatecompanies relies on commercial credit、short- term loan 、equity financing to finance capital mostly。We suggest:structuring the financing system of private companies as soon as possible, widening the financing channel of privatecompanies, strengthening the management of financing short- term capital, perfecting the financing structure ofprivate companies.