融资优序与行业管制——兼析中国上市公司“异常融资优序”现象

企业融资先通过内部资金进行,然后再通过银行借款或发行低风险的债券,最后才采用股票,这种融资的“先后顺序”是企业出于降低融资成本和防止剩余利润被分享所做出的理性选择,这就是融资优序理论。本文认为,寡头竞争所形成的行业进入壁垒为优序融资的实现提供了必须的市场环境,其资金使用方式能够优化资源配置,提高资金的使用效率。融资优序理论在发达市场经济国家得到了实践的验证,但在我国上市公司中却存在“异常融资优序”(Abnormal pccking Order)现象,即外部资金优于内部资金,外部资金中股权融资优于债权融资。其原因在于,中国市场经济不太完善,缺乏通过寡头竞争自发形成的行业进入壁垒。本文认为只有采取行业管制手段,设置一定的行业进入壁垒,才能实现优序融资,从而达到优化资源配置的目的。

Pecking order and Industry Regulation -An Analysis on "Abnormal Pecking Order" in China

Corporation finances by internal funds first,then by loan or low-risk bond and by stock the last This is what we call pecking order which is the rational choice because of reducing financing cost and preventing surplus profit from being shared.This paper tells us that the barriers to entry the industry brought by oligopoly provide the necessary market environment for pecking order and enhance the efficiency of the use of funds.Then we compare different corporation financing practice of domestic and overseas,finding that the pecking order is validated by the overseas practice but not in China where corporation finances first by stock then by loan and the internal funds the last.This is what we call abnormal pecking order.The difference of the financing practice tells us that the absence of barriers to entry brought by oligopoly in China where market economy is not perfect makes pecking order invalidation,so we think that only if by taking legislative means which provide the barriers to entry,can the pecking order revalidate and can the optimal resource configuration realize.