【作者】 陈颖；

【导师】 刘少波；

【作者基本信息】 暨南大学 ， 金融学， 2003， 硕士

【摘要】 本文以我国上市公司为研究对象，通过对我国上市公司融资行为的研究，指出再融资概念的不足，并由此提出可持续融资的概念，认为可持续融资是为了促进上市公司长期稳定发展和价值最大化而进行的具有很强策略性的融资行为；可持续融资能力则是上市公司合理筹措并综合平衡使用资金以促进企业长期健康发展的能力，可持续融资能力是上市公司核心竞争力的重要组成部分。 评价上市公司的可持续融资能力既要考虑股票市场的波动性和流动性等外部环境因素，更重要的是要分析上市公司的内在条件，包括其经营状况、融资结构、资金使用效率、公司治理结构等，这些要素构成了评价我国上市公司可持续融资能力强弱的基本指标体系，根据这一体系评估，本文认为我国上市公司可持续融资能力总体偏弱。其主要原因，一是上市公司普遍持有不恰当的融资理念，二是其股权结构极其特殊和复杂；三是我国债券市场发育不成熟，融资工具不足；四是管理层对上市公司的融资行为缺乏足够的引导和监管；五是证券市场上中介机构的功能未能完全有效发挥。针对这些情况，本文分别从上市公司、管理层和中介机构等方面提出了相应的解决办法和措施。更多还原

【Abstract】 Based on the practical situation of China, the thesis points out the inappropriateness of the concept of the re-financing and gives the definition of sustainable financing through the research on the financing of listed firms. Sustainable financing is the financing with strong tactics, which serves for the long-term development and value maximization of listed firms. Capacity for sustainable financing is the one that listed firms raise capital rationally and use capital effectively, which will promote the enterprise with healthy growth in the long term. Capacity for sustainable financing is one of the important parts of the core competitive capacity of listed firms. As for the evaluation of sustainable financing capacity of listed firms, a system with five indexes is built up. Besides the environmental factor-fluctuation and circulation of the stock market, inner elements-operating situation, structure of financing, efficiency of capital usage and corporate governance are concerned. In accordance with the system, the author makes a comprehensive evaluation. It is the result that the capacity for sustainable financing of listed firms in China is on the weak side in general. The main reasons are the improper financing viewpoint, particularity and complication of share equity structure, immaturity of bond market, lack of financing tools, insufficiency of supervisory and management as well as ineffective performance of intermediary institutions. For solving the striking problems in the existing financing, the author puts forward counter-measures in respects of listed firms, management and intermediary institutions.更多还原