我国上市公司融资偏好的生成机理和治理策略

我国上市公司的直接融资结构明显偏重于股权融资,主要是基于"股权稀释"的安排,势必导致社会资源低效配置、融资后的投资回报率低、企业经营业绩趋于下降等负作用。其生成机理在于股权融资实际成本低,资本市场信息不对称的逆向选择,没能真正建立现代企业制度以及证券市场对经理

The occurrence mechanism and treatment strategies of the financing bias of China's traded companies

Due to the arrangement of the "stock dilution ", the direct financing structure of China's traded companies evidently lays particular stress on stock financing, which will absolutely cause some minus effects, such as, the lower-efficiency configuration of social resources, lower ROI (Return On Investment) after financing, and the decreasing tendency of enterprise achievements. The occurrence mechanism is the low actual cost of stock financing, the nonsymmetrical converse choice of capital market information, the fake establishment of modern enterprise system and the invalid restriction against management of the stock market. In order to cope with the financing bias of traded companies, China must lawfully strengthen the restriction, perfect the company governance structure, effectively reduce national stock, and strengthen the stock market.