上市公司资本结构与融资行为研究

我国上市公司存在股权融资偏好,而西方企业优先偏好内部融资,其次是债务融资,最后才是股权融资,即所谓的优序融资理论。为什么我国上市公司的融资选择不符合该理论,本文通过对上市公司资本结构与融资行为的影响因素研究后发现,我国当前特殊的资本市场以及在此基础上的公司治理结构等制度性因素影响,是造成上市公司股权融资偏好行为的重要因素。

The Study on the Financing Behaviors of the Listed Company in China Based on the Share-holding Structure

Listed companies in China are inclined to equity financing , while the western enterprise has the preference to internal financing, debt financing second and then equity financing, this is the pecking order of theory. Why financing ways of listed companies in China are different from this theory, For this paper is based on the relative analysis of capital structure and financing modes, indicates that the major causes being the listed companies in China are inclined to equity financing is China's special capital market and corresponding institutional factors including corporate governance structure.